Yesterday Sixty Spa announced its industrial relaunch plan to local unions and its aim to return to be in the black by 2015. The Italian company's new restructuring strategy will focus on expansion in the USA, Brazil and Russia as well as reorganizing its European retail businesses while maintaining its head offices in Chieti and cutting 183 jobs in Italy.

The company's financial results over last three years have pushed them to devise a plan to help regain profits by balancing earnings and cost reductions. The turnover registered in 2011 was €293 million, which is a significant loss compared to the €381.5 million registered in 2010. These results reflect the strong collapse of sales in Europe, Sixty's largest sales market until now.

The relaunch plan confirms that the company will maintain its headquarters in Chieti, Italy and continue to manage its creative operations along with the product, communication, marketing, distribution and retail divisions from there. This is in hopes of implementing group's new strategy efficiently.

According to the new plan, Sixty expects to expand a more efficient retail network throughout Europe, while establishing new business channels in the USA, Brazil and Russia. They also foresee expansion through online business development and by establishing a new organization model to reinforce the identities of the group's brands.

Furthermore, Sixty will rationalize its distribution network, reorganize its European subsidiaries and reduce the costs of the central structure. During the meeting with local unions the company stated that, during this reorganization process, 183 jobs in Italy will be cut. Nevertheless, Sixty is committed to go ahead with the reorganization process with a maximum level of responsibility taken for all of its employees.