BENETTON
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
wear item and a third category encompasses items such as footwear, bags, and accessories. Benetton's
overall turnover amounts to about 4,000 billion lire.
Recently, in 2003, the company initiated an effort to diversify away from its main clothing
business by moving to acquire Italian highway operator, Autostrade.
PRICING AND LOGISTICS
In the mid-1990s Benetton adopted a strategy of price-reduction worldwide. The strategy was designed
to enable the company to guarantee its clients an ever more suitable and competitive supply of products.
Simultaneously, Benetton decreased production costs. This combination of price and cost reductions
resulted in an 8 percent increase in both, items produced and sold in 1994. Benetton also has an extensive
system of outlet stores in which to sell clothing at significant discounts, as a result of the price cuts.
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. The new system would
eliminate fragmentation of inventories across the world by concentrating the finished goods in three
sorting centers, one in the US, one in Italy and one in the Far East. The automatic distribution system
handles over 30,000 packages a day and is managed by a 10-member staff, rather than a traditional
system that requires a staff of 400. These new automated systems, along with the production facilities,
have improved the efficiency and speed of customer service, and reduced transport costs by more than 10
billion lire in 1996. One feature that was crucial to Benetton's success in its early years was its advanced
dyeing process, whereby the finished product could be dyed instead of dying the yarn first. As tastes in
color changed with the whims of the fashion industry, this innovative dyeing system allowed Benetton to
establish a customized production system that keeps up with the latest market trends.
COMMUNICATIONS
Benetton's communications strategy was developed, as a result of the company's desire to produce images
of global concern for its global customers. The communication strategy targets issues rather than clothes
as the leading player, with a portion of the advertising budget devoted to communicating themes relevant
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to young and old people worldwide. The company claims, "We realized some time ago that we had a
unique tool for communicating worldwide, as we are present in 120 countries, and that it would be
cynical to waste it on self-serving product promotion. We trusted in the intelligence of our customers
worldwide and decided to give space to issues over redundant product claims." 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. This
strategy challenges Benetton to come up with a selling theme that appeals to all consumers and
overcomes local biases. Through this strategy, the Benetton Group has developed advertising campaigns
that are international, homogeneous, and characterized by universal themes, which have been not only a
means of communication but also an expression of the time. Through its universal impact, the company
has succeeded in attracting the attention of the public and in standing out among the current clutter of
images.
Sport and Event Sponsorship
One of the avenues through which Benetton communicates to all of its customers is sports. Benetton
Sportsystem was renamed Playlife in 1998. This division houses the famous brand name product lines,
i.e. Prince, and reflects the Benetton Group's involvement in the sports arena, focusing on the world of
sports from skiing and in-line skating to tennis or snowboarding. Through the Playlife label, Benetton
designs sportswear clothing as well as state-of-the-art sports equipment to meet the technical demands of
various athletes and athletic teams. Benetton sponsors sporting teams in the areas of basketball, rugby,
volleyball, motorcycling, and until recently, the Formula One racing team, which was just sold. Many
young athletes acquire their first taste of sport in the variety of junior clubs' teams sponsored by Benetton.
In addition, Benetton's success in communicating through sports can be seen by its efforts in developing
sport facilities. In 1985, the sport center at La Ghirada outside of Treviso, Italy was built and is used
today by all enthusiasts. Also, the Palaverde, a multifunctional complex, was opened in 1983 and is used
for sporting events as well as concerts, shows and cultural activities with a capacity for a 6,000-member
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audience. Playlife, in essence, is the passport to the Benetton world, a new way of embracing every-day
life in the spirit of sport.
Colors Magazine
Benetton communicates through its award winning, bi-monthly magazine, Colors. It is distributed in six
bilingual editions in Europe, the United States, Latin America, and Asia.
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.
Research into future trends and new ideas is conducted among the students, who actively research the
field of communications.
Image Advertising
Unlike the traditional advertising for most companies, Benetton's images do not have a copy or a product,
only the company's logo. 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. However, as far as their products are concerned, the
company advertises through its many strategically placed stores, its catalogues, and fashion editorials that
display them directly to the consumer. Also, there are public relations offices in all of the countries that
have a liaison with fashion editors. These offices utilize traditional marketing techniques to ensure the
products receive the necessary exposure or sales personnel, among other criteria.
What is image advertising? Image advertising has evolved into a form of lifestyle marketing. The
fashion industry targets its image-oriented advertising into a brand than can match every type of lifestyle,
such as Calvin Klein is hip, Ralph Lauren is rich, and Benetton is highly controversial. Advertising
industry experts claim that image advertising is part of a master plan to get customers to "buy-in" to a
lifestyle, first connecting through a psychological/aspirational level and then on a product level.
Similarly, this has been achieved through advertising in the automobile industry.
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Within the realm of image advertising falls the concept of emotional branding. Emotional
branding, sometimes referred to as shockvertising, is a form of image advertising intended to sell images
rather than the products themselves, by appealing to a customer's emotions. This targets other dimensions
for attracting consumers, not through the functional aspects of products, but through the emotional
aspects, which is what branding is all about.
Campaigns
Benetton's advertising campaigns have centered on social issues and current worldwide issues such as
AIDS, peace, war, and death.
Many of their communications initiatives support international
humanitarian associations. For example, Benetton was part of the first global project to redistribute
clothing to people in need in 1993; it was called the "clothing redistribution project" and was assisted by
the International Federation of the Red Cross, as well as other groups. This campaign also utilized the
shock value of imaging, as Luciano Benetton appeared nude in these advertisements. As part of their
AIDS campaign, the 1994 ads showing the words "HIV Positive" tattooed on a person's arm, abdomen
and backside are additional examples of the shockvertising conducted by Benetton (See Exhibit 2).
Those ads were used as metaphors for the more extensive branding practiced throughout society
towards those who are different. With those images, Benetton wished to highlight not only the main
channels through which HIV can be transmitted, but also the dangers of stigmatizing certain social groups
and their lifestyles. In 1998, 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, which was approved by the United Nations General Assembly on December 10, 1948.
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). In addition,
Benetton's recent campaign during 2000 addresses capital punishment by showing images of some of
America's death row inmates. This campaign aims to show the public the reality of capital punishment,
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.
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The campaigns have won numerous awards, prizes and acclaim in all of the countries in which
the company is present; however, they also have aroused various strong reactions. Benetton is aware of
the controversy that surrounds the images of these campaigns. However, they believe that all worthwhile
stances will have critics and supporters. 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, to a
discussion of the issues themselves. This has occurred in some countries already, which supports the
company's goal of becoming the vehicle for discussion rather than its focus.
MARKET SHARE
Americas
During the 1980’s Benetton expanded aggressively into the United States, opening some 500 stores and
outlets. This rapid expansion caused numerous management catastrophes resulting in unhappy retailers
and declining revenues. Specifically, Benetton encouraged retailers to open stores that were located too
close to one another which subsequently led to self-cannibalization. Additionally, advertisements such as
the one showing the U.S. President with AIDS lesions caused many loyal American customers to boycott
Benetton stores. In addition to operational blunders, Benetton was also guilty of making fashion errors as
well. In the mid 1980s, their largest selling items in Europe were their brightly colored sweaters. When
the sweaters were introduced into the United States as the company's signature product, it was a disaster.
Subsequently, Benetton had to readjust their shipments and designs to fit North American tastes. 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.
By the early 1990s sales in the United States had decreased sharply. Benetton was producing
clothing targeted to a younger generation of 18 to 23 year olds in the U.S.; however, they were not
accustomed to paying the higher prices charged by Benetton. This was a generation that was brought up
on GAP pricing strategies, which were lower and more affordable than Benetton, and therefore, found
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Benetton’s prices too high for their budget, while others were unaware that Benetton also sold designer
dresses and suits.
After having 350 of its 500 stores closed by 1995, Benetton grew increasingly aware that they
were targeting the wrong market in the US. To combat the negative sales growth, Benetton began
offering a more diverse clothing line and installed a point-of-sale system, which allowed the stores to feed
information on sales back to the Italian headquarters. In addition, in 1998 Benetton began offering its
first intra-seasonal collections to increase its ability to respond more quickly to changing market trends.
By 1999, 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.
In 1997, Benetton made a strategic move by acquiring 57 percent of the Sportsystem division
from Edizione, and later purchased the remaining shares in 1998. This acquisition produced a large boost
for U.S. sales due to its large market for sporting goods equipment. To support this latest acquisition,
they launched a $27 million marketing campaign (See Exhibit 4 for sales figures).
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. 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, children's and men's apparel, called Benetton USA, in 450 Sears stores; the
line was expected to generate $100 million in sales in its first year and draw in younger, more costconscious customers. The deal fell through however, when Sears pulled the clothes off the shelves due to
consumer complaints and boycotts regarding Benetton’s anti-death penalty campaign in February 2000.
Overall, Benetton’s strategy in the United States has not been very successful. Sales in North America fell
by 17% by the end of the third quarter of 2002 as compared to that in 2000.
In addition to North America, Benetton also began to establish a presence in South America and
the Dutch Antilles (Saint Maarten) during the mid-1980s. This move was a strategic success, for a
number of reasons. Much of South America still held strong bonds with Europe, such as consumers'
tastes in fashion. Countries such as Brazil, Argentina and Colombia embraced the Italian label and
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therefore, Benetton had found a market full of loyal customers. However, Latin America was hit severely
by an economic recession during the late 1990s, which reflected negatively on both clothing as well as
sporting goods sales in most of South America.
Europe
During the 1980s Benetton flourished throughout Europe. Sales had increased at a double-digit growth
rate and during some years even reached 25 percent. However, much of that changed during the 1990s
when sales growth began to decrease down into the single digits. The decline in sales, specifically in
1995, can be attributed to a number of factors, including the European recession, which caused sales
growth to decline sharply in certain markets (See Exhibit 5).
Germany, the market, which suffered the most during the mid-1990s, was also Benetton’s largest
market. In 1994, Benetton released two of its most controversial campaigns, the “Croatian Soldier” and
“HIV Positive.” 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.
By late 1994,
retailers in Germany began to notice a decline in sales and profits. Claiming the decrease in operating
profit was due to self-cannibalization, extreme price cuts and tasteless advertising (which was causing
boycotts in Germany), many German retailers began to publicly criticize Benetton and two storeowners
even refused to pay for their merchandise. In mid 2002, a German high court barred the company’s HIV
advertising campaign and referred to it as “anti-competitive”.
Benetton, however, 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. Benetton did acknowledge
that their pricing strategy did result in price cuts, but justified it by claiming that they were necessary in
order to maintain market share. In addition, Benetton also sued these two storeowners for nonpayment of
the merchandise ordered. Both storeowners countered the lawsuit, claiming Benetton was liable for the
loss of sales, which they felt, was attributed to Benetton’s advertising strategy. The storeowners lost the
case and were required by the court to pay Benetton $600,000 for the merchandise ordered. Overall, 1994
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was not a good year for German Benetton retailers, as their sales dropped 16 percent or $35 million in
1994. To counteract the negative sales growth in Germany, Benetton began restructuring their sales
network to create a network, which would be, more in tune with their guiding principles of business sense,
creativity and dynamism. This entailed replacing many of the smaller outlets with bigger multi-product
stores as well as recruiting new franchisees.
Also in 1994, Italy and France were embroiled in controversy over disputes with Benetton.
Santomo Alligliamento, one of the largest operators of Benetton stores in Italy, sued Benetton for late
shipment of garments, as well as for not changing their product lines as frequently as their competitors.
Despite this, sales still increased in Italy, increasing slightly less than 4 percent in 1994 and 13 percent in
1995. During this same time period Benetton was forced to pay $28,500 to AIDS patients 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.”
Despite negative publicity surrounding lawsuits in some European countries, Benetton still
managed to achieve a sales growth rate of 34 percent. The opening of megastores in every European
capital by the end of 1995 supported this growth. The strategy of the megastore is to gain a larger share
of the market by offering clothes for the entire family. By 1999, on average, the existing megastores each
occupied 6,000 square feet; however, some megastores are much larger such as the Milan store, which
has over 32,000 square feet. Benetton, which had around 7000 franchisees all over the world, plans to
continue this strategy in 2003 to move towards directly operated stores, mainly mega stores with a lot of
retail space. The company attributes the need for this change to the changes in consumer behavior, which
indicated that customers need more space and color and light in the retail store. Benettton plans to have
300 megastores around the world by the end of 2004.
In 1998, Europe generated 70.7 percent or $1.69 billion of Benetton’s volume. Industry analysts
had predicted that European consumer spending would increase between 1998 and 2000. Estimated
consumer spending was expected to increase by 2.4 percent in Italy, 2.5 percent in Germany and 2.3
percent in France. However, contrary to prediction, in 2001, Europe generated only 68.7% of total
volume.
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Other Countries
Benetton’s presence in developing nations grew heavily in the mid-1990s. In line with their strategy to
conquer new markets, Benetton opened new stores in Angola, Ethiopia, Nepal, Pakistan, Syria, the
Ukraine and Vietnam making Benetton the first Western company present in these local markets. In
addition, 50 new stores were opened in China and the number of stores in Korea reached 100, by the end
of 1994.
In the mid-1990s, Asia was seen as Benetton’s largest opportunity for growth, especially since its
performance in America was hardly satisfactory. However, sales began to decline in the late 1990s as a
result of the Asian financial crisis. In 1998, the Far East accounted for 13 percent of total sales, with
Japan accounting for 7 percent or $168 million. This is a significant drop from 1997 in which Japan alone
accounted for 17 percent of Benetton's total sales. The decline is largely a result of significant damage to
the sales of Benetton’s Sportsystem division, which relies heavily on Asian markets. In 2001, Asia’s
contribution to total revenues fell to 9.3%.
Korea was another market significantly hit in 1998, where the entire market might have been lost
if Benetton had not reacted quickly. By setting up a manufacturing and distributing joint venture with a
local Korean operator, they were able to circumvent a complete loss of their Korean market. However,
the decrease in Asian clothing sales had little impact on the company's overall clothing sales, mainly
attributable to the fact that Asia accounted for only 15 to 17 percent of Benetton’s global clothing sales.
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.
However, in spite of the financial crisis that occurred in the late 1990s, Benetton announced in
1998 its plans to open three new megastores in Japan beginning in the spring of 2000. The strategy was
based on a dip in property prices, which would allow Benetton to buy property in Japan relatively cheaper
than in the past.
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OPPORTUNITIES
Communication Sources
Europe's Internet commerce industry is starting to pick up, following the lead by the United States, where
over 70 percent of the world's e-commerce business took place over the past year, according to market
research company, International Date Corporation. The research firm, Jupiter Communications reported
online retail sales in Europe would reach $3.3 billion in 2002, up from the $165 million in 1998. In
December 1999, when Benetton announced it would begin selling products on the Internet, its share
surged nearly 13 percent resulting in its largest one-day rise in more than one year. Online sales will
allow the company to access markets where it has low penetration and where e-commerce is more
developed, such as in the U.S.
In India, Benetton's advertising is concentrated on a renewed focus of communication. Benetton's
image in India was considered a "discounted" brand, since they usually limited their advertising to only
two end-of-season sales. However, recent television commercials were received positively by both
franchisees and consumers. This kind of positive feedback could result in a new opportunity for Benetton
by focusing more on media channels such as television and radio, rather than billboards or magazines.
In addition, Benetton had great success with their two-tiered approach, specifically with the
launch of their Sportsystem division. This approach was taken in order to gain a larger share of the US
market without having to abandon their traditional image campaigns. By allowing their US retailers more
flexibility when choosing which advertisements to use for a selected campaign, they were able to
circumvent any potential loss of market share and also retailer dissatisfaction. Benetton could use this
strategy when developing future campaigns.
Japan
To increase sales in the future, the US and Japan should lead the way as an opportunity for increasing
Benetton's total revenues, even though the company expects Italy and Germany to remain its top two
markets. Japan is currently recovering from a financial crisis, which should lead to increased
opportunities for future growth in Benetton's sales and profits. The Asian financial crisis dramatically
11
affected sales of Benetton's sporting goods line in Japan, causing a 10 percent drop in sales in 1998, and
17 percent in 1997. This required Benetton to acquire more sportswear revenues in the U.S., which
produced only 16 percent, or $384 million, of Benetton sales in 1998 and 15.6% in 2001.
The total Japanese market for apparel was estimated at approximately $35 billion as of 1999. The
apparel market in Japan was growing at 10 to15 percent annually until 1996, despite a slow economy and
a stagnant domestic apparel market since the early 1990s. In particular, Japan's apparel imports enjoyed a
remarkable increase of a 15 to 20 percent annual growth until 1996. Japan's gross domestic product
(GDP) registered a real growth rate of 0.9 percent in 1997. 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, the major countries from which apparel is imported
and their respective percentages of the import market are: China, 69.4%; Italy, 8.2%; Vietnam, 3.6%;
Indonesia, 2.5%; and the United States, 2.4%. The high market share from China, and Vietnam are due to
Japanese manufacturers' increasing use of their joint-venture sewing mills in these countries, where
lower-cost labor is available. Imports from Italy were stable overtime due to the deeply implanted good
brand image of Italian fashion among Japanese consumers. 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. Benetton, looking to capitalize on its Japanese customers, 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. Since Japan is a high context
country, Benetton should see this as an opportunity to extend on their already strong relationship as Japan
moves into a period of economic growth.
France
There appear to be numerous opportunities for companies to successfully penetrate the French market to
gain market share. The size of the apparel market in France has been growing over the last three years, as
well as increasing amounts of the total exports and imports. Benetton could capitalize on this growing
demand for apparel among the French population.
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Apparel Market in France
(Millions US dollars)
Total Market Size
Total Local Production
Total Exports
Total Imports
Total Imports from U.S.
Exchange Rate: USD 1.00
1997
37,739
15,130
22,260
29,043
1,452
FF 5.75
1998
37,850
14,800
22,295
30,164
1,206
FF 6.00
1999
38,228
14,948
22,740
31,068
1,218
FF 6.10
Belgium
Consumer spending in Belgium is picking up after over five years of flat, and even depressed, consumer
demand levels. Consumption grew 3.6 percent in 1998, due to increases in real income per household
and consumer confidence. Economic forecasts are pointing to steady growth of about 3 percent for 1999
and 2000. There is a continued strong market interest for American sporting and leisure apparel, as
American styles are popular and designer and branded products are less price sensitive in Belgium.
Major competitors of the local Belgian markets come from manufacturers and designers in France,
Germany and Italy. For low-budget clothing and mass distribution items, low cost producers in the Far
East, such as China, Thailand and Indonesia continue to provide the bulk of imports. 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. As you can see by the following table, Belgium's market size is
growing, as is its local production figures. Although, the total imports declined in 1999, Benetton still has
the capacity to formalize a joint venture with local retailers and just set up their distribution system to
begin reaping profits.
Apparel Market in Belgium
(Millions US dollars)
Total Market Size
Total Local Production
Total Exports
Total Imports
Total Imports from U.S.
Exchange Rate: $ = BEF
1997
2,890
1,824
986
2,052
81
35.7
1998
2,952
1,863
1,008
2,097
82
36.3
Discussion Questions
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1999
3,098
1,956
2,200
1,058
85
37
1. How has Benetton’s uniform communications strategy translated into sales and profit in different
parts of the world?
2. Does its pricing strategy reflect positively on Benetton's net profit?
3. Should Benetton restructure its distribution and manufacturing network in order to hedge foreign
currency fluctuations?
4. Should Benetton continue to focus on increasing market share in the US by focusing on department
store growth, 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. Should Benetton restructure the communications strategy to incorporate both the two-tiered approach
and a more country-tailored positioning strategy?
6. Benetton’s advertising budget is only 4 percent of their sales. This is a rather low number, especially
considering that most of this budget has been spent on developing their image advertisements.
Should Benetton increase their advertising budget, and if so, should more go to traditional clothing
and sports equipment advertisements?
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Exhibit 1: The Benetton Group
Edizione
80% control
Luciano Benetton
Chairman
Italian Senator
Gilberto Benetton
Edizione Chairman/
Vice-Chr. & Dir. Benetton Grp.
Financial Areas
Carlo Benetton
Internal Production Activities
Technical Areas
Exhibit 2: HIV Positive
Exhibit 3: United Nation
15
Giuliana Benetton
Creative & Design
Operations
Exhibit 4. SALES BY BRAND, 2001
16
Exhibit 5. SALES BY REGION
SALES BY REGION
$3,000,000,000
$2,500,000,000
$2,000,000,000
Europe
$1,500,000,000
Americas
$1,000,000,000
Other
$500,000,000
17
9
2, 9
00
2, 0
00
1
98
97
96
95
94
93
92
91
90
89
$0