Sixty Group Moves Production to Asia, Sparking Job Fears in Italy
Italian fashion group Sixty Group is shifting its production to Asia and plans to open all its stores in the Asian market. The move has sparked fears among Italian workers that only marketing and sales services will remain in Chieti, the current headquarters. The company is in talks with a Chinese partner with 1,500 establishments in Asia, who could join Sixty Group's management as part of the deal.
Sixty Group, which owns brands like Energie, Miss Sixty, and Killah, has seen its revenue decline from €452 million in 2008 to €292 million in 2012. As part of its restructuring, the group aims to reduce its workforce from 445 to fewer than 200 employees by 2013. Despite talks with a Chinese partner, there is currently no agreement in place for a significant stake acquisition and management involvement.
Sixty Group's strategic shift to Asia is underway, with most production already moved and all stores planned for the Asian market. While a Chinese partner could potentially join management, no deal has been finalized. Italian workers' concerns about job security and the company's future in Chieti remain, with significant workforce reductions planned.
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