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Benetton to set up a €43.2 million textile plant in Serbia
01
Feb '11
Italy's biggest clothing retailer, Benetton Group SpA, is to set up a €43.2 million that is $59 million worth textile plant in Southern Serbia. This investment would be funded by the Serbian government.

Benetton authorities intended to ink a formal contract with the government representatives and municipal authorities on January 31 at the Southern city of Nis, where they propose to set up the new facility.

The government revealed that, Benetton intends to employ around 2,700 employees in next four years, and would thus supersede Nitex d.o.o., which now is the largest clothing manufacturer in the domestic market. Each of the new jobs coming up at the new facility would be subsidised by the government with € 9,000.

Further, the Italian firm which owns brands like Sisley and Playlife may even ink other agreements with the domestic suppliers who have the potential to fulfil the company's standards.

Fibre2fashion News Desk - India

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