[Nov 1st 2007 ] New colours at Benetton

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New colours at Benetton

Nov 1st 2007
From The Economist print edition

Landov

Alessandro Benetton must revive the ageing brand at the core of his family's industrial group
Alessandro Benetton은 노쇄한 자기 가족 회사의 핵심브랜드를 재생해야만 한다.

 

HOW do you succeed the founder of a world-famous family business and give it a new lease of life as it faces the rise of innovative rivals and emerging markets? 당신이세계에서가장유명한가업을계승하고그가업이이머징마켓과혁식전인라이벌과마주하는새로운경계에있다면당신은?? That is the question facing Alessandro Benetton, who stepped into his father's shoes this year as executive deputy chairman of the clothing group that bears the family name.이런상황이바로Alessandro Benetton이처한질문이다.그는올해자신의성을이름으로가진의류회사의CEO대리로아버지의가업에발을들였다.Answering it will not be easy.그가처한질문에대답하기는쉽지않다. Benetton has lost its way in recent years베네통은요몇년간그들의방향성을잃었었다.: its attempt to expand into America was a flop and it has been overtaken by competitors such as Sweden's H&M and Spain's Zara, which have developed more sophisticated fast-fashion business models.그들의미국시장진출은맥없이좌절됐고,스웨덴의H&M,스페인의Zara처럼빠르고세련되게변하는패션비즈니스모델을발전시켜온경쟁자들에게인수되었다. (Sales at Inditex, Zara's parent company, are now four times that of Benetton. Zara의모회사인 Idotex의경우판매량은베네통의4배에이른다.) Lately Benetton has invested heavily to bring its technology and logistics systems up to today's standards.근래에베네통은그들의기술과운송시스템을오늘날의표준으로끌어올리기위해많은투자를해왔다. Now Alessandro's task is to speed up the recovery and lead the clothing group, which has sales of ??1.9 billion ($2.7 billion) a year, into new markets such asIndiaandChina.이제Alessandro의임무는일년매출이19억달러에이르는의류부문을인도와중국과같은새로운시장으로이끄는것이다.

 

Fortunately a capacity for corporate reinvention seems to run in the family.다행히도기업재기를위한여력을베네통가문내세엇찾을수있을거같다.Italy's numerous successful family firms usually stay small in international terms.이탈리아의성공한많은가족기업들은국제적으로는작은규모에머물렀다. Not the Benettons.베네통을제외하고In the 1970s they built an international clothing brand on a novel business model: 1970년대베네통은새로운비즈니스모델로써세계적인의류브랜드를만들었다. dyeing clothes at the last minute to respond quickly to changes in fashion.패션의변화에빠르게반응하기위해최후의순간에옷을염색하였다.During the 1980s they started diversifying into new ventures using the profits from clothes. 1980년대동안의류사업에서발생한이윤을통해새로운사업으로 다각화를시작하였다. Their first step was into Formula 1 racing, to promote their clothing brand.첫번째가그들의의류브랜드를광고하기위한포뮬라1이었다. Then they moved in whenItaly's motorways and motorway-catering services were privatised; their interests in Atlantia (formerly Autostrade) and Autogrill now account for well over half the family's estimated net worth of ??9 billion.그리고베네통은이탈리아의고속도로와고속도로휴게소가민영화되었을때진입하였고, Atlantia, Autogrill에서얻는이익은그룹전체의수익의절반이넘는90억유로이다. Having failed to merge Atlantia withSpain's Abertis last year, the Benettons are in the process of raising some ??4 billion from partners such as Goldman Sachs and Mediobanca to make other infrastructure investments farther afield.아틀란티아가지난해스페인의아베르티스사와의합병에실패하면서베네통은골드만삭스와메디오방카와같은파트너로부터. 40억유로의자금을유치하려한다. But the clothing business was neglected, even as it financed investments in new areas.하지만의류사업부문은 다른새로운영역에투자하는것보다무시되어왔다.

 

Of the 14 cousins in his generation, 43-year-old Alessandro was the obvious choice to take over from his father Luciano, one of the four family members who launched the firm in 1965. 1965년기업을출범시킨4명의가족중한명인아버지루치아노의뒤를잇기에그또래의14명중에서가장확실하다.The young Mr Benetton had already made his own reputation as an entrepreneur,젊은베네통후계자는이미기업가로서자신의명성을쌓았는데having founded one of Italy's early private-equity firms, 21 Investimenti, back in 1993. 1993년이탈리아초기사모회사중하나인21 Investimenti를설립하였다. He ran it as a venture-capital firm, specialising in developing small and medium-sized businesses rather than backing start-ups.그는그회사를일종의벤쳐캐피탈회사로운영하였는데,창업을지원하기보다는중소규모의회사발전에특화하였다. Private equity gave him experience in eval!!!!uating investments and being an active shareholder, as well as teaching him about the role of management and the discipline of corporate governance.그러한경험은그에게투자의가치평가,활동적인주주로써행동그리고기업운영과경영의역할에대한배움을주었다.“Other firms generally had a financial focus but at 21 Investimenti we were driven by a strong industrial perspective,”he says.그가말하길다른기업들이일반적으로재무적인곳에관심을둘때21 Investimenti는산업전망에기반하였다고한다.His preferred approach to making money was to pick the right business models for the firms in which 21 Investimenti bought stakes, as you might expect of a graduate of Harvard Business School.그가수익을올리기위해선호하는접근법은마치하버드비즈니스스쿨에서배우듯이21 Investimenti사가지분을가진회사들의올바른비즈니스모델을고르는것이다.

 

He certainly has a different style from his father, who dresses casually and tie-less, and whose long, curly white hair marks him out in any crowd of businessmen.그는캐쥬얼한복장과노타이,길고컬이들어간백발에,여타비즈니스맨들과구별되던아버지와는또다르다. With his neatly cropped head, white shirt, sober tie and dark blue pullover (Benetton, of course), the young Mr Benetton would not stand out even in the most conservative boardroom.짧게정리된헤어스타일과흰색셔츠수수한타이와베네통사의풀오버차림의젊은후계자는대부분보수적인회의실에서조차튀지않는다., If flair and individuality were the qualities that his father brought to the firm, then structure, business theory and attention to detail are now the order of the day in the Villa Minelli, an elegant 17th-century villa in Ponzano, near Venice, where the clothing group has its head offices.세련됨,개성등의특성이선대가이뤄놓은것이라면구조,경영철학,디테일에대한관심이오늘날빌라미넬리(베니스인근에위치한의류부문본사)에서요구하는것이다.

 

Mr Benetton's open admiration for his father's achievements is understandable: he cites his father along with Michael Porter, a professor atHarvardBusinessSchooland an authority on competitive strategy, plus a handful of other big names, as import!!!!ant influences on his development as a businessman. 이후계자가선대가이뤄놓은것에대한존경을보내는것은이해할만하다.그에따르면그의아버지는하버드비즈니스스쿨의교수이며경쟁전략의대가인마이클포터와돈독한관계를유지했으며,경영자로써그의발전에중요한영향을미칠다른유명인들과도그렇다. Yet the clothing group needed to change.그러나의류부문에는변화가필요하다.“I was clear about its assets—it had enjoyed 40 years of success—but we needed a different approach, one that builds on rather than erodes what has been created,”he remarks.나는40년간의성공이라는자산을명확히하고The change began in November last year with the departure of the incumbent chief executive and finance chief and the appointment of a new public-relations team.

 

The company has spent a busy summer deciding which parts of its past are import!!!!ant for its future, as Mr Benetton puts it.“The book is the same but we have begun a new chapter,”he says. The clothing group is focusing on the time-to-market of its collections—more than 100 each year—which it has been able to cut in the past two years from about two months to about two weeks. As well as trimming this further, Mr Benetton is making heads of divisions more accountable for performance and introducing greater management discipline and financial rigour—all standard stuff in the world of private equity.

 

Measuring the risk

Having been promised average annual sales growth of at least 7% over the next decade, investors will be watching closely to see how the clothing group performs under its new boss. They will probably also be wondering what parts he has in mind for all those cousins. Mr Benetton says family members who want to be involved in the clothing group are given managerial responsibilities in other businesses first.“We have many businesses, fortunately, as we are a large family,”he observes. Before embarking on his private-equity career, he notes, he spent five years as chairman of the successful Formula 1 racing team, showing that the Benettons could“be serious, competent and competitive in a technical sector—and do other things than just make T-shirts”. Married to a ski champion, Mr Benetton is no slouch on the slopes himself. Investors will be glad to hear that when it comes to high-risk pursuits, however, he is sensibly cautious. Mr Benetton does his skiing early in the morning, when the snow is best and the slopes are empty.