COMPANY BACKGROUND Benetton was founded as a single shop in Italy in 1965. Three years later the company expanded into France. Eventually, Benetton spread throughout Europe and by 1979 it was established in the United States. Benetton Group S.p.A is a unique global group that is a part of a larger organization known as the Edizione Holding Group. This is the holding company through which the Benetton family has ownership in many different businesses including hotels, publishing, and real estate. The Edizione Holding Group as well as the Benetton Group was founded by the Benetton family, which is made up of four siblings: Luciano, Chairman; Gilberto, Deputy Chairman and Joint Managing Director; Carlo, Director; and Giuliana, Director, who own and run the company as shown in Exhibit 1. Luciano's son, Alessandro, is also one of the eight Directors. This global Benetton Group specializes in designing and manufacturing of clothing within the textile-apparel sector of industries, and combines this know-how with the strong identity and image of world-leading sports brands that have been incorporated through the acquisition of the Benetton Sportsystem business. These sports brand names are encompassed under the Playlife label and include Rollerblade, Killer Loop, Prince, and Nordica. The clothing sector includes casual and sportswear, consisting of the Sisley, United Colors of Benetton (UCB), and Undercolors of Benetton brands, which are mainly produced and distributed by the Automated Distribution Center in Castrette, Italy, the factory which produces over 90 million items of clothing each year. There are production facilities in France and Spain as well. These finished and packaged products are the dominant production category for the company and are distributed directly to the Benetton Group's 7,000 retail stores located in 120 countries, of which only 55 stores are owned by the company, with the remaining stores independently owned and operated. The second production category for Benetton comprises the sports equipment and performance-
This case was prepared by Eunjung Jenny Chun, Juliet Freedman, and Nicole Parker and updated by Sonia Ketkar of the Fox School of Business and Management at Temple University under the supervision of Professor Masaaki Kotabe for class discussion rather than to illustrate either effective or ineffective management of a situation described (2003). 1
The new system would eliminate fragmentation of inventories across the world by concentrating the finished goods in three sorting centers. bags.000 packages a day and is managed by a 10-member staff. whereby the finished product could be dyed instead of dying the yarn first. Simultaneously. Benetton decreased production costs. have improved the efficiency and speed of customer service. along with the production facilities. These new automated systems. The strategy was designed to enable the company to guarantee its clients an ever more suitable and competitive supply of products. Benetton's overall turnover amounts to about 4. items produced and sold in 1994. and reduced transport costs by more than 10 billion lire in 1996. Autostrade. COMMUNICATIONS Benetton's communications strategy was developed. one in Italy and one in the Far East. one in the US. with a portion of the advertising budget devoted to communicating themes relevant
. this innovative dyeing system allowed Benetton to establish a customized production system that keeps up with the latest market trends. The automatic distribution system handles over 30. in 2003. rather than a traditional system that requires a staff of 400. This combination of price and cost reductions resulted in an 8 percent increase in both. The communication strategy targets issues rather than clothes as the leading player.000 billion lire. as a result of the company's desire to produce images of global concern for its global customers. Recently. One feature that was crucial to Benetton's success in its early years was its advanced dyeing process. In the late 1990s Benetton restructured its distribution network in order to implement a new system that would integrate a logistics system in which the warehouses are the system’s junction and are part of the distribution system rather than just places for storing facilities. As tastes in color changed with the whims of the fashion industry. Benetton also has an extensive system of outlet stores in which to sell clothing at significant discounts. PRICING AND LOGISTICS In the mid-1990s Benetton adopted a strategy of price-reduction worldwide. as a result of the price cuts.wear item and a third category encompasses items such as footwear. the company initiated an effort to diversify away from its main clothing business by moving to acquire Italian highway operator. and accessories.
shows and cultural activities with a capacity for a 6. Through this strategy. which was just sold. and reflects the Benetton Group's involvement in the sports arena.e. Through its universal impact. Prince. i. This division houses the famous brand name product lines. and characterized by universal themes. homogeneous. and that it would be cynical to waste it on self-serving product promotion. Through the Playlife label. volleyball. the Formula One racing team. This strategy challenges Benetton to come up with a selling theme that appeals to all consumers and overcomes local biases. the company has succeeded in attracting the attention of the public and in standing out among the current clutter of images. Benetton Sportsystem was renamed Playlife in 1998. focusing on the world of sports from skiing and in-line skating to tennis or snowboarding. The company claims. the sport center at La Ghirada outside of Treviso. the Benetton Group has developed advertising campaigns that are international. In 1985. Benetton designs sportswear clothing as well as state-of-the-art sports equipment to meet the technical demands of various athletes and athletic teams. Many young athletes acquire their first taste of sport in the variety of junior clubs' teams sponsored by Benetton. the Palaverde. Benetton sponsors sporting teams in the areas of basketball. which have been not only a means of communication but also an expression of the time. was opened in 1983 and is used for sporting events as well as concerts. Also." Benetton believes it is important for companies to take a stance in the real world rather than use its advertising budget to encourage consumers to think they will be happy through the purchase of the company's products. Sport and Event Sponsorship One of the avenues through which Benetton communicates to all of its customers is sports. a multifunctional complex. In addition.000-member
. and until recently. as we are present in 120 countries. rugby. Italy was built and is used today by all enthusiasts. motorcycling. "We realized some time ago that we had a unique tool for communicating worldwide. We trusted in the intelligence of our customers worldwide and decided to give space to issues over redundant product claims.to young and old people worldwide. Benetton's success in communicating through sports can be seen by its efforts in developing sport facilities.
Advertising industry experts claim that image advertising is part of a master plan to get customers to "buy-in" to a lifestyle. Also. this has been achieved through advertising in the automobile industry. the United States. Image Advertising Unlike the traditional advertising for most companies. who actively research the field of communications. Benetton's images do not have a copy or a product. However. its catalogues. Colors. bi-monthly magazine. in essence. Similarly. Latin America. Research into future trends and new ideas is conducted among the students. there are public relations offices in all of the countries that have a liaison with fashion editors. a new way of embracing every-day life in the spirit of sport. What is image advertising? Image advertising has evolved into a form of lifestyle marketing.
. and fashion editorials that display them directly to the consumer. as far as their products are concerned.audience. among other criteria. Colors Magazine Benetton communicates through its award winning. Ralph Lauren is rich. and Benetton is highly controversial. Playlife. is the passport to the Benetton world. Fabrica Project The company also communicates through the Fabrica project. which is a workshop environment and a center of communications for a group of twenty students selected from countries around the world. It is distributed in six bilingual editions in Europe. only the company's logo. first connecting through a psychological/aspirational level and then on a product level. such as Calvin Klein is hip. These offices utilize traditional marketing techniques to ensure the products receive the necessary exposure or sales personnel. the company advertises through its many strategically placed stores. The fashion industry targets its image-oriented advertising into a brand than can match every type of lifestyle. and Asia. The ads do not tell an individual to buy Benetton clothing or even imply this! Their ads simply attempt to promote a discussion and create awareness about global issues that might be overlooked if conveyed through other channels.
. Many of their communications initiatives support international
humanitarian associations. abdomen and backside are additional examples of the shockvertising conducted by Benetton (See Exhibit 2). For example. One of the ads for this campaign showed images of children of all colors and ages to emphasize that "every child shall be entitled from his birth to a name and a nationality" (See Exhibit 3). This campaign aims to show the public the reality of capital punishment. Benetton was part of the first global project to redistribute clothing to people in need in 1993. Emotional branding. This campaign also utilized the shock value of imaging. Those ads were used as metaphors for the more extensive branding practiced throughout society towards those who are different. so that no one around the world will consider the death penalty as just a distant problem or as news that occasionally appears in the media. as Luciano Benetton appeared nude in these advertisements. Benetton's recent campaign during 2000 addresses capital punishment by showing images of some of America's death row inmates. as well as other groups. war. not through the functional aspects of products. a human rights campaign was initiated as a result of a United Nations proposal to launch a world communications exercise to mark the fiftieth anniversary of the Declaration of Human Rights. sometimes referred to as shockvertising. With those images. it was called the "clothing redistribution project" and was assisted by the International Federation of the Red Cross. In 1998. In addition. Benetton wished to highlight not only the main channels through which HIV can be transmitted.Within the realm of image advertising falls the concept of emotional branding. 1948. peace. and death. but also the dangers of stigmatizing certain social groups and their lifestyles. Campaigns Benetton's advertising campaigns have centered on social issues and current worldwide issues such as AIDS. the 1994 ads showing the words "HIV Positive" tattooed on a person's arm. As part of their AIDS campaign. which was approved by the United Nations General Assembly on December 10. which is what branding is all about. by appealing to a customer's emotions. This targets other dimensions for attracting consumers. but through the emotional aspects. is a form of image advertising intended to sell images rather than the products themselves.
Benetton was also guilty of making fashion errors as well. In the mid 1980s. found
. which were lower and more affordable than Benetton. Additionally. By the early 1990s sales in the United States had decreased sharply. This rapid expansion caused numerous management catastrophes resulting in unhappy retailers and declining revenues. they were not accustomed to paying the higher prices charged by Benetton. they also have aroused various strong reactions. This was a generation that was brought up on GAP pricing strategies. and therefore. Benetton is aware of the controversy that surrounds the images of these campaigns.The campaigns have won numerous awards. This has occurred in some countries already. A combination of this issue along with over-expansion led many retailers in the late 1980s to take legal action against Benetton charging that they had encouraged too many stores to be built too close together and failed to supply them adequately. Specifically. it was a disaster.. to a discussion of the issues themselves. However. MARKET SHARE Americas During the 1980’s Benetton expanded aggressively into the United States. they believe that all worthwhile stances will have critics and supporters. Subsequently. In addition to operational blunders.S. opening some 500 stores and outlets. however. Benetton hopes that people will move away from the discussion of whether or not a company is entitled to show its point of view in its advertising campaigns. When the sweaters were introduced into the United States as the company's signature product.S. advertisements such as the one showing the U. Benetton was producing clothing targeted to a younger generation of 18 to 23 year olds in the U. President with AIDS lesions caused many loyal American customers to boycott Benetton stores. prizes and acclaim in all of the countries in which the company is present. however. which supports the company's goal of becoming the vehicle for discussion rather than its focus. Benetton encouraged retailers to open stores that were located too close to one another which subsequently led to self-cannibalization. their largest selling items in Europe were their brightly colored sweaters. Benetton had to readjust their shipments and designs to fit North American tastes.
when Sears pulled the clothes off the shelves due to consumer complaints and boycotts regarding Benetton’s anti-death penalty campaign in February 2000. they launched a $27 million marketing campaign (See Exhibit 4 for sales figures). The deal fell through however. Overall. Much of South America still held strong bonds with Europe. which allowed the stores to feed information on sales back to the Italian headquarters. the point-of-sale system had proven to be such a success that they had began to test an upgraded system which would report not only the item sold but also its size and color. and later purchased the remaining shares in 1998. In addition to North America. sales due to its large market for sporting goods equipment.Benetton’s prices too high for their budget. After having 350 of its 500 stores closed by 1995. for a number of reasons. Benetton began offering a more diverse clothing line and installed a point-of-sale system. while others were unaware that Benetton also sold designer dresses and suits. In addition. In 1997. This move was a strategic success. children's and men's apparel. Benetton also began to establish a presence in South America and the Dutch Antilles (Saint Maarten) during the mid-1980s. To combat the negative sales growth. Benetton made a strategic move by acquiring 57 percent of the Sportsystem division from Edizione. in 1998 Benetton began offering its first intra-seasonal collections to increase its ability to respond more quickly to changing market trends.S. in 450 Sears stores. the line was expected to generate $100 million in sales in its first year and draw in younger. called Benetton USA. Sales in North America fell by 17% by the end of the third quarter of 2002 as compared to that in 2000. By 1999. such as consumers' tastes in fashion. Benetton’s strategy in the United States has not been very successful. The joint venture was part of a larger strategy to expand in the United States without having to open new Benetton stores. Sears and Benetton introduced last summer a new line of junior's. Benetton grew increasingly aware that they were targeting the wrong market in the US. An attempt to gain a larger share of the US market was made in 1998 when Benetton signed a deal to form a joint venture with Sears Roebuck and Company to design a line of less expensive clothing which would be sold in Sears' department stores. This acquisition produced a large boost for U. Argentina and Colombia embraced the Italian label and
. Countries such as Brazil. To support this latest acquisition. more costconscious customers.
. Benetton. Both storeowners countered the lawsuit. Benetton did acknowledge that their pricing strategy did result in price cuts. By late 1994. Claiming the decrease in operating profit was due to self-cannibalization. The decline in sales. can be attributed to a number of factors. claiming Benetton was liable for the loss of sales. The storeowners lost the case and were required by the court to pay Benetton $600. which reflected negatively on both clothing as well as sporting goods sales in most of South America. the market. Overall. which they felt. much of that changed during the 1990s when sales growth began to decrease down into the single digits. Germany. Latin America was hit severely by an economic recession during the late 1990s. however. a German high court barred the company’s HIV advertising campaign and referred to it as “anti-competitive”. Sales had increased at a double-digit growth rate and during some years even reached 25 percent. which caused sales growth to decline sharply in certain markets (See Exhibit 5). was attributed to Benetton’s advertising strategy. specifically in 1995. extreme price cuts and tasteless advertising (which was causing boycotts in Germany). which suffered the most during the mid-1990s. In addition. the “Croatian Soldier” and “HIV Positive. Benetton also sued these two storeowners for nonpayment of the merchandise ordered. including the European recession. Benetton had found a market full of loyal customers. attributed a decline in sales to a combination of many different factors such as the European recession and poor management on behalf of its franchises. In mid 2002. However. many German retailers began to publicly criticize Benetton and two storeowners even refused to pay for their merchandise. In 1994. Benetton released two of its most controversial campaigns.000 for the merchandise ordered. Europe During the 1980s Benetton flourished throughout Europe. was also Benetton’s largest market. However. but justified it by claiming that they were necessary in order to maintain market share.therefore.” Both campaigns followed Benetton’s mission to support social causes and increase awareness on global issues but both also managed to provoke strong ill-will feelings towards the company whose reputation was already faltering due to the recent store closings in Germany.
retailers in Germany began to notice a decline in sales and profits.
. Benettton plans to have 300 megastores around the world by the end of 2004.7% of total volume. Europe generated 70. more in tune with their guiding principles of business sense. on average. sales still increased in Italy. However. By 1999. The opening of megastores in every European capital by the end of 1995 supported this growth.” Despite negative publicity surrounding lawsuits in some European countries. in 2001. increasing slightly less than 4 percent in 1994 and 13 percent in 1995. Santomo Alligliamento. some megastores are much larger such as the Milan store. as their sales dropped 16 percent or $35 million in 1994. Benetton still managed to achieve a sales growth rate of 34 percent. Industry analysts had predicted that European consumer spending would increase between 1998 and 2000.4 percent in Italy. Europe generated only 68.69 billion of Benetton’s volume. The strategy of the megastore is to gain a larger share of the market by offering clothes for the entire family.5 percent in Germany and 2. which indicated that customers need more space and color and light in the retail store. During this same time period Benetton was forced to pay $28.1994 was not a good year for German Benetton retailers.7 percent or $1. Estimated consumer spending was expected to increase by 2. one of the largest operators of Benetton stores in Italy.000 square feet. creativity and dynamism. Benetton began restructuring their sales network to create a network. mainly mega stores with a lot of retail space. which has over 32. This entailed replacing many of the smaller outlets with bigger multiproduct stores as well as recruiting new franchisees.500 to AIDS patients in France. Despite this. sued Benetton for late shipment of garments. as well as for not changing their product lines as frequently as their competitors. plans to continue this strategy in 2003 to move towards directly operated stores. which had around 7000 franchisees all over the world. In 1998. Italy and France were embroiled in controversy over disputes with Benetton. To counteract the negative sales growth in Germany. which would be. the existing megastores each occupied 6. Benetton.000 square feet. however. The company attributes the need for this change to the changes in consumer behavior. Also in 1994.3 percent in France. after a Paris court ruled that the “HIV Positive” campaign was “an abuse of freedom of expression and a provocative exploitation of suffering. 2. contrary to prediction.
Korea was another market significantly hit in 1998. By setting up a manufacturing and distributing joint venture with a local Korean operator. Ethiopia. mainly attributable to the fact that Asia accounted for only 15 to 17 percent of Benetton’s global clothing sales. the Far East accounted for 13 percent of total sales. This is a significant drop from 1997 in which Japan alone accounted for 17 percent of Benetton's total sales. sales began to decline in the late 1990s as a result of the Asian financial crisis. Nepal. However.
. The strategy was based on a dip in property prices. In the mid-1990s. in spite of the financial crisis that occurred in the late 1990s. However. However. 50 new stores were opened in China and the number of stores in Korea reached 100. with Japan accounting for 7 percent or $168 million. Profits would have risen 33 percent rather than the actual 18 percent if Sportsystem had not suffered such a loss from the Asian financial crisis. they were able to circumvent a complete loss of their Korean market. In 1998. which relies heavily on Asian markets. by the end of 1994. Syria. In addition. the Ukraine and Vietnam making Benetton the first Western company present in these local markets. which would allow Benetton to buy property in Japan relatively cheaper than in the past.3%. Asia’s contribution to total revenues fell to 9. Benetton opened new stores in Angola.Other Countries Benetton’s presence in developing nations grew heavily in the mid-1990s. where the entire market might have been lost if Benetton had not reacted quickly. the decrease in Asian clothing sales had little impact on the company's overall clothing sales. In line with their strategy to conquer new markets. Benetton announced in 1998 its plans to open three new megastores in Japan beginning in the spring of 2000. especially since its performance in America was hardly satisfactory. Pakistan. Asia was seen as Benetton’s largest opportunity for growth. The decline is largely a result of significant damage to the sales of Benetton’s Sportsystem division. In 2001.
specifically with the launch of their Sportsystem division. Benetton's image in India was considered a "discounted" brand. This approach was taken in order to gain a larger share of the US market without having to abandon their traditional image campaigns. Benetton's advertising is concentrated on a renewed focus of communication. Benetton could use this strategy when developing future campaigns. which should lead to increased
. such as in the U. However.3 billion in 2002. the US and Japan should lead the way as an opportunity for increasing Benetton's total revenues. following the lead by the United States. according to market research company.OPPORTUNITIES Communication Sources Europe's Internet commerce industry is starting to pick up. In December 1999. up from the $165 million in 1998. In India. International Date Corporation. Japan is currently recovering from a financial crisis. recent television commercials were received positively by both franchisees and consumers. where over 70 percent of the world's e-commerce business took place over the past year. when Benetton announced it would begin selling products on the Internet. This kind of positive feedback could result in a new opportunity for Benetton by focusing more on media channels such as television and radio. Jupiter Communications reported online retail sales in Europe would reach $3. since they usually limited their advertising to only two end-of-season sales. Benetton had great success with their two-tiered approach. its share surged nearly 13 percent resulting in its largest one-day rise in more than one year. By allowing their US retailers more flexibility when choosing which advertisements to use for a selected campaign. The research firm. Japan To increase sales in the future. In addition. even though the company expects Italy and Germany to remain its top two markets.S. they were able to circumvent any potential loss of market share and also retailer dissatisfaction. Online sales will allow the company to access markets where it has low penetration and where e-commerce is more developed. rather than billboards or magazines.
This required Benetton to acquire more sportswear revenues in the U.4%. Benetton should see this as an opportunity to extend on their already strong relationship as Japan moves into a period of economic growth. Japan's gross domestic product (GDP) registered a real growth rate of 0. or $384 million.6% in 2001. the major countries from which apparel is imported and their respective percentages of the import market are: China. 69. Imports from Italy were stable overtime due to the deeply implanted good brand image of Italian fashion among Japanese consumers. 8. Italian apparel companies are currently trying to regain their 1980's position in the Japanese market through the creation of classic-casual types of women's wear at reasonable prices. Since Japan is a high context country. In particular. Indonesia. and 17 percent in 1997.4%.5%. despite a slow economy and a stagnant domestic apparel market since the early 1990s. of Benetton sales in 1998 and 15. where lowercost labor is available.. 3. The Asian financial crisis dramatically affected sales of Benetton's sporting goods line in Japan. The high market share from China. Italy. Japan's apparel imports enjoyed a remarkable increase of a 15 to 20 percent annual growth until 1996. causing a 10 percent drop in sales in 1998. looking to capitalize on its Japanese customers. Vietnam.6%. This was the first time in three years for the figure to fall below one percent and was the lowest level among major developed nations. According to 1997 statistics compiled by the Ministry of Finance.
.opportunities for future growth in Benetton's sales and profits. The total Japanese market for apparel was estimated at approximately $35 billion as of 1999.2%.9 percent in 1997. 2. which produced only 16 percent.
apparel market in Japan was growing at 10 to15 percent annually until 1996. has
targeted this market as an opportunity for future growth based on economic and cultural aspects such as their loyalty to Italian brands and the country's growing economic status. and the United States. 2. and Vietnam are due to Japanese manufacturers' increasing use of their joint-venture sewing mills in these countries.
068 1. and even depressed. due to increases in real income per household and consumer confidence. low cost producers in the Far East.948 22.75
1998 37. Apparel Market in Belgium (Millions US dollars) Total Market Size
1997 37. Benetton still has the capacity to formalize a joint venture with local retailers and just set up their distribution system to begin reaping profits.France There appear to be numerous opportunities for companies to successfully penetrate the French market to gain market share.043 1.130 22. For low-budget clothing and mass distribution items.260 29.228 14.850 14.00
.295 30.164 1.952
1999 3. as American styles are popular and designer and branded products are less price sensitive in Belgium.739 15. Economic forecasts are pointing to steady growth of about 3 percent for 1999 and 2000.S. Belgium's market size is growing. As you can see by the following table. Although.10
1997 2. Major competitors of the local Belgian markets come from manufacturers and designers in France. There is a continued strong market interest for American sporting and leisure apparel. Thailand and Indonesia continue to provide the bulk of imports. Benetton could capitalize on this growing demand for apparel among the French population.206 FF 6.800 22. Germany and Italy. as is its local production figures.740 31.6 percent in 1998. Benetton has the opportunity to gain market share in this country by promoting their sportswear and leisure apparel that appeal to this market's consumers.890
1998 2. The size of the apparel market in France has been growing over the last three years.218 FF 6. the total imports declined in 1999.452 FF 5. consumer demand levels. as well as increasing amounts of the total exports and imports. Consumption grew 3. Apparel Market in France (Millions US dollars) Total Market Size Total Local Production Total Exports Total Imports Total Imports from U. such as China. Exchange Rate: USD 1.00 Belgium Consumer spending in Belgium is picking up after over five years of flat.
1.052 81 35. Benetton’s advertising budget is only 4 percent of their sales.824 986 2. or increasing store expansion? In addition. should it be focusing more on “crisis management” rather than expansion in the aftermath of the death penalty campaign? 5.956 2.008 2. Exchange Rate: $ = BEF
1.S. Should Benetton restructure the communications strategy to incorporate both the two-tiered approach and a more country-tailored positioning strategy? 6.Total Local Production Total Exports Total Imports Total Imports from U.058 85 37
1.863 1. especially considering that most of this budget has been spent on developing their image advertisements. Should Benetton increase their advertising budget. How has Benetton’s uniform communications strategy translated into sales and profit in different parts of the world? 2. Should Benetton restructure its distribution and manufacturing network in order to hedge foreign currency fluctuations? 4. should more go to traditional clothing and sports equipment advertisements?
.097 82 36. Should Benetton continue to focus on increasing market share in the US by focusing on department store growth. and if so. This is a rather low number. Does its pricing strategy reflect positively on Benetton's net profit? 3.
Benet t o n G r p . & D ir .Exhibit 1: The Benetton Group
E d iz io n e 8 0 % c o n tro l L u c ia n o B e n e tto n C h a ir m a n I t a lia n S e n a t o r G il b e r t o B e n e t t o n E d i z io n e C h a ir m a n / V i c e . B e n e t t o n G r p .C h r . & Dir . F in a n c ia l A r e a s C a r lo B e n e t t o n I n t e r n a l P r o d u c t i o n A c t iv i t i e s T e c h n ic a l A r e a s G iu li a n a B e n e t t o n C r e a t iv e & D e s ig n O p e r a t io n s
Exhibit 2: HIV Positive
Edi z io ne 80% cont r o l Lucia no B enet t o n C hair m an I t a li a n Senat o r G il b er t o Benet t o n Car lo Benet t o n Edi z io ne C hai r m an/ I n t e r n al Pr o duct i o n Act i v i t ie s Vic e. Technic al Ar e as Fin anci a l Ar e as G iu li a na Benet t o n Cr e at iv e & Desi g n O per a t i o ns
Exhibit 3: United Nation
.C hr .
United Colors of Benetton Sisley Rollerblade Prince Nordica Killer Loop Playlife Other(intimate. etc.)
. swimwear.Exhibit 4. SALES BY BRAND.
000 $2.000 $2.000.001 2.000 $500.000.000.Exhibit 5.500.000.000.000 99 89 90 91 92 93 94 95 96 97 98
Europe Americas Other
.000 $0 2.000.000.000.000. SALES BY REGION
SALES BY REGION
$3.000 $1.000 $1.500.