ARENA BECOMES A “BENEFIT CORPORATION”

07 December 2023

arena, one of the world’s leading purveyors of waterwear and an increasingly important player in the sport lifestyle segment, is pleased to announce that it has changed its corporate legal status of its parent company in Italy to Società Benefit , a purpose-driven company legal model globally known as a “Benefit Corporation”.

This transition was accomplished with the support of NATIVA – Regenerative Design Company, that supports companies in a radical evolution towards regenerative economic models.

Therefore, arena has incorporated the pursuit of common good into its bylaws and transformed itself into a Double Purpose Company, underscoring a firm commitment to aligning its business goals with the purpose of “deeply connecting the water element and people, involving them in an active lifestyle that improves their quality of life”. With the change of its legal status, arena undertakes also to disclose the results achieved on an annual basis in its “Impact Report”, reporting the social and environmental benefits generated.

In 2016, Italy became the first country, after the United States, to introduce a law allowing companies to adopt the status of Benefit Corporation - Società Benefit in Italian. The governance structure of these companies, which are more than 3200 in Italy, requires managers to balance out the interests of the shareholders with the interests of society and the environment.

As a Società Benefit arena intends to act in the interest of the common good and to operate in a socially responsible, sustainable, and transparent way towards its key stakeholders: people, community, its customers, and the environment. arena has outlined four key purposes:

1. Create a working environment that allows employees and everyone in the Company’s ecosystem to express their full potential, taking care of their well-being and sense of belonging.

2. Work together with communities to develop strategies, projects and engagement plans that have a positive impact for both people and the planet with a specific focus on the element of water.

3. Improve the well-being and awareness of all the people who use the Company’s products, in and out of the water, by promoting an active lifestyle and more sustainable behaviors for the planet.

4. Make sustainability a fundamental part of the definition of quality, integrating it into product development processes and promoting a sustainable evolution of business models and operational processes in line with the European climate neutrality objectives and the Italian ecological transition objectives.

These purposes are already at the heart of arena’s business. Currently arena operates in 128 markets through a network of subsidiaries and distributers. Of its 431 employees, 67% are women and 30% of arena’s management is female. As of 2023, 100% of its swimwear styles are made with recycled fibers. As of next year, the same standard will apply to its beachwear collection. The brand recently published its first Sustainability Report entitled “Flip Turn” in which it assessed its current social and environmental performance and charted a course for the future.

Paolo di Cesare, co-founder of NATIVA, the Regenerative Design Company that partners with arena, states: “It is remarkable that a company as outstanding as arena has chosen to acquire the status of a “Società Benefit” in its 50th year of existence. In the face of the great challenges humanity is facing, we need strong leadership in the world of business. arena has thus laid the foundation for an even stronger governance framework to steer the sports and sportswear industry in a new direction, where innovation means not only performance but also sustainability.”

Peter Graschi, arena CEO comments, “We are in this for the long haul – arena is fully invested in a consistent approach to the environment, social responsibility, and governance. Changing our status to “Società Benefit” sends an important message to our stakeholders that we want financial profit to go hand and hand with having a positive impact on society. Our focus will continue to be the element of water, as demonstrated by our new brand platform ‘Planet Water’ which centers around our community’s emotional connection to water”.

arena: Since 1973 arena has revolutionized the world of water sports through intense collaboration with world-class athletes and the development of cutting-edge competition swimsuits. Today, this spirit of collaboration and innovation lives on through the continuous development of advanced materials and Italian design that improves the performance, style and expression of all those who choose arena. From racing in the swimming lanes to living in style, arena is dedicated to providing all swimmers with the tools they need to express themselves, feel confident, win and achieve more. For more info: arenapressoffice@arenasport.com

NATIVA: NATIVA is the Regenerative Design Company that has been supporting for over ten years some of the most important Italian and European companies in a radical evolution of their business, accelerating the transition towards models that place sustainability and regeneration at their core. It is the first Società Benefit in Europe and B Corp in Italy. In 2013, NATIVA contributed to the establishment of the B Corp Movement in Europe, which now includes over 7.700 companies worldwide and over 3.300 in Europe, committed to benefiting both people and the planet. In 2015, NATIVA was part of the working group that made Italy the first country, after the United States, to introduce a law allowing for companies to incorporate with the status of Benefit Corporation, called Società Benefit in Italian, which now number over 3. 200 in Italy and more than 20. 000 worldwide. In 2022, NATIVA, in collaboration with the Fondazione per lo Sviluppo Sostenibile, launched CO2alition, an initiative aimed at supporting companies in their transition towards climate neutrality, with more than 85 businesses having joined the initiative. www.nativa.eco . For more info: media@nativalab.com