Benetton reportedly closes Oxford Street flagship amid restructuring

Italian retailer United Colors of Benetton has reportedly closed its flagship store on London’s Oxford Street after eight years, according to a report by The Sun. Benetton has not publicly confirmed the Oxford Street closure or disclosed how many employees may be affected. Posts on social media showed a 70 percent closing down sale.

The 16,000-square-foot, three-storey store at 89 Oxford Street opened in March 2018 as a major investment in the brand’s UK retail presence. It featured a dedicated knitwear area, interactive touchscreen tables and a 12-metre-high entrance with LED displays.

The closure comes as the Italian fashion group continues a restructuring programme under chief executive officer Claudio Sforza, appointed in June 2024, aimed at restoring profitability through cost reductions and a streamlined retail network.

Benetton reported a net loss of around 33 million euros in 2025, down more than 65 percent year-on-year, according to figures reported by FashionUnited in May. Revenue fell to approximately 800 million euros, from around 915 million euros in 2024.

In efforts to return to break even in 2026, the group has been reducing its store network, reviewing production and sourcing operations and cutting ties with underperforming wholesale and franchise partners.