Benetton chief executive Silvano Cassano has unveiled a three-year plan to reposition the brand and boost profits.
He admitted that the past 18 months have been tough for the fashion retailer in the UK.
He said: 'The (British) management team has been distracted by other things. However, the UK is a very important market for us - not just because it's significant in terms of sales, but as a showcase.'
Cassano plans to reposition Benetton as more upmarket, with an emphasis on higher priced hanging garments, such as dresses and tailored jackets.
These constitute 9 per cent of a collection at the moment, but Cassano hopes to boost that to about 15 per cent by 2007.
Menswear will also be expanded, together with accessories and licensing.
The main focus now is on point of sale and merchandising in stores.
Cassano said openings were subject to the conclusions of a property review, to be unveiled at the end of next month.
He confirmed that three London stores will close - Oxford Street, Brent Cross and High Street Kensington.
Property sources say the Bluewater store is also on the market, although Cassano would not confirm this.
Cassano's business plan is designed to stem recent declines and deliver EBIT of EUR324 million (£227.3 million) in 2007 on sales of EUR2.19 billion (£1.54 billion).
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