Sergio Tacchini International is going through a drastic downsizing and restructuring program that revolves around the concept of enlisting new licenses.
As recently reported in SGI Europe, the Italian sportswear brand announced in September that it has teamed up with IMG in a multi-year agreement under which the international sports, fashion and media company would serve as Sergio Tacchini's licensing agent, working to relaunch the brand in major markets through targeted licensing and distribution partnerships. IMG was also to liaise with Sergio Tacchini's management on brand activation activities including sponsorships, endorsements and e-commerce.
The new course and a difficult economic environment are now leading to the dismissal of 42 employees out of a total of 55 people working at Tacchini's headquarters at Bellinzago Novarese, in Northern Italy. The layoffs involve, in particular, the administrative and clerical staff attached to production management, a function that is going to be largely handled by the new licensees currently being recruited in partnership with IMG. The names of the new licensees are expected to be known over the next few weeks.
The company's factory outlet at nearby Castelletto Ticino will also be closed, although the decision is said to be unrelated to the new strategy and was instead driven by the need for the company to adapt its retail structure to the new habits of consumers, who are increasingly looking for bargains in larger multi-brand factory outlet centers.
Style- and design-related activities will continue to be dealt with by Sergio Tacchini in Italy. The current search for new licensees covers even the Italian market.
