MILAN (Reuters) - Italian spirits group Davide Campari said on Thursday it needed to take some "tough decisions, such as organizational restructuring" to ensure the group's return to medium and long-term financial health.
Italian daily MF reported on Thursday that the group was working to cut its workforce by 10%, meaning around 500 people.
Asked for a comment, Campari said in an emailed statement that, as previously announced, it needed a more efficient resource allocation, as changes in top-line performance and existing infrastructure investments had impacted profitability.
"Consequently, we are gradually implementing a comprehensive set of company initiatives to accelerate growth and profitability via focus, simplification and cost containment", it added.
Campari said it was a "wide and ongoing process" and it was currently difficult to provide a specific global number.