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Benetton warns on its earnings
The Benetton family plans to buy out minority investors in the Italian clothing retail group bearing its name after the company warned 2011 profits would plunge 30 per cent due to weak consumer demand and debt costs. Shares in one of Italy’s best known clothing brands, which has stores in 120 countries, were suspended for the rest of the day yesterday, ahead of a board meeting called for today. The group’s market capitalisation was €680m at Monday’s close, making the 33 per cent not owned by the family holding company Edizione worth in the region of €200m.