Wolford builds restructuring plan to save 10 million after Fosun’s acquisition

Wolford starts a restructuring plan. The Austrian hosiery company, owned by Chinese giant Fosun, has prepared a strategy after closing 2018 with a drop of 9% in its revenue.

Specifically, the group plans to save 10 million euros this year to go back to profitability at the end of the fiscal year 2020. To do so, the company’s plans are based on boosting its growth in the Asian market, as well as entering into negotiations with financial entities with the objective of guaranteeing funds to meet its liquidity needs.

The company was acquired by Fosun at the end of last May. The Chinese group took 50.9% of the company’s shares for an amount that was not disclosed. Within this framework, the group reduced the workforce of its headquarters in Bregenz (Austria), where it dismissed more than fifty employees.