Home / Knowledge / News / Apparel/Garments / Benetton buys Nis textile company Nitex
Benetton buys Nis textile company Nitex
01
Jun '11
Minister of Economy and Regional Development Nebojsa Ciric and Chief Executive Officer of Benetton Group Biagio Chiarolanza signed the contract on the purchase of Nis textile company Nitex.

The signing of the agreement was attended by Serbian President Boris Tadic and Director of Benetton Group Luciano Benetton.

Tadic said on this occasion that better days and new investments are ahead of Serbia, noting that Serbian textile workers have a great experience and that Serbia is a country in which investors in textile industry can generate profit.

By signing the agreement, this Italian company becomes Serbian as well, and this investment will create new jobs in Serbia and improve citizens' standard of living, Tadic said.

The Serbian President said that a joint session of the Serbian and Italian governments will be held within next few weeks as part of the strategic partnership of the two countries.

Ciric said that the opening of the Benetton factory in Nis marks a new beginning for the Serbian textile industry, adding that this has been achieved through joint engagement of the government and the local authorities.

Chiarolanza stated that over the next several years, Benetton will create a new centre of the Serbian textile industry in Nis, announcing that the company will build a complex of new factories.

Luciano Benetton observed that the company plans to create between 2,800 and 3,000 new jobs and invest around €50 million.

Benetton bought Nitex in May for a little over €3 million.

On 31 January, representatives of the Serbian government and the City of Nis signed an agreement with Benetton representatives about the rights and obligations regarding the company's investment in Nis.

Benetton manufactures over 150 million clothing items a year and has a retail network of around 6,000 stores. Its annual turnover exceeds €2 billion.

This is a family business, founded in 1965 which today operates in 120 countries worldwide.

Government of the Republic of Serbia


Must ReadView All

Alliance to form joint entity for safety in factories

Textiles | On 24th Apr 2018

Alliance to form joint entity for safety in factories

On the 5th anniversary of the Rana Plaza Collapse, The Alliance for...

China’s Alibaba partners with Thailand for digital trade

Textiles | On 24th Apr 2018

China’s Alibaba partners with Thailand for digital trade

China’s Alibaba Group recently signed an agreement with the Thai...

Courtesy: Skineez Skincarewear

Apparel/Garments | On 24th Apr 2018

Skineez, Walmart partner for smart wearables

Skineez Skincarewear, a leading cosmotextile skincarewear company,...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search