Corneliani receives loan from Italian government

Corneliani is receiving an investment from the Italian government. Italy's Ministry for Economic Development will be granting the luxury brand a 10 million euro loan to help Corneliani continue operations. The news reported by WWD. Like many fashion brands, Corneliani suffered economic fallout from the coronavirus lockdowns, and their operations in Italy were hit particularly hard as the country was one of the most affected by the pandemic.

In response to many Italian companies struggling from not being able to do business, Italy launched a program called the "Re-Launch" Decree to support businesses trying to get back to regular operations. Corneliani's Mantua-based factory has been closed since June 12, which led to employees protesting for the right to get back to work. Mantua's general secretary is now just waiting to see if Corneliani will make a significant investment to restart the brand.

Corneliani has a total of 1200 employees worldwide. While the coronavirus pandemic did not help the company's financial situation, their issues pre-dated the pandemic. Back in May 2019, Corneliani put their employees on a temporary 19-day work suspension via special public funds. Back in November, the company slashed 130 jobs at their headquarters. Corneliani has a three-year plan they are working on to turn the business around.

photo: via Corneliani.com

 

Related news

MORE NEWS

 

LATEST JOBS

 

MOST READ