Italy was a kingdom, before the UDcue, Mussolini took power. Now, Paradox are offering players a way to keep the monarchy alive during the Second World War.
During his reign, he led Italy into several wars, not only in both World Wars, but also in the Italo-Turkish War, the Second Italo-Ethiopian War, and many other conflicts in North and East Africa, hence the nickname Il Re Soldato.
In Hearts of Iron IV , now you can crown Vittorio as Emperor of Ethiopia and King of Albania once you control those territories, improving his country leader trait.
With that, the Kingdom of Italy will also have access to the focus to cooperate with France or the UK, similar to what Dino Grandi offers. In the political branches, there is the proper Monarchist path, with Power to the King granting some stability and political power bonuses and also unlocking a decision to abdicate, making Umberto, son of Vittorio, the new king of Italy.
The king can then choose between disbanding the Blackshirts to seriously hit fascism in Italy, or utilizing them at the cost of increasing Fascist support in the country.
Another path is a small Vatican state sub-branch, through which you will strengthen the ties between Italy and the Pope, not only getting some stability, political power and ideology support for Non-Aligned, but also getting some interesting bonuses towards operatives and compliance.
And, in the end, Paradox offer the option of Revoke the Acerbo Law, which leads to a conservative democracy, led by either the Christian Democrats, or the king himself, to change Italy forever.