Luciano Benetton announces he is stepping down as president of the family brand as losses exceed $100 million

MILAN (AP) Luciano Benetton, co-founder of the clothing brand, announced that he was stepping down as president interview published on Saturday with the Milanese daily Corriere della Sera. He blamed current management for the 100 million euros ($108.5 million) losses he discovered last year.

Benetton, 89, returned to the clothing brand as chairman in 2018, after stepping down in 2012. He blamed the losses on a CEO hired in 2020 and his new management team.

In short, I trusted them and I made a mistake, Benetton said. He said he first became aware that the losses were piling up last September.

The clothing brand based in northern Veneto, known as much for its colorful knitwear as for its once splashy advertising campaigns, has had to battle competition from fast fashion brands, with unions estimating the group's losses since 2013 at 1 billion euros. Benetton has suffered numerous creative and managerial relaunches to try to regain a footing.

Benetton's term expires in June, coinciding with the board of directors of the Benetton family holding company, Edizione SpA, expected to appoint new management.

Edizione, whose chairman is Luciano Benetton's son Alessandro, has various stakes, including in transport and infrastructure through Mundys, and in food and beverage retail, including the Autogrill chain, through Dufy.

The family holding company sold its stake in Autostrade per lItalia SpA after its takeover intense political surveillance following the collapse of the Genoa motorway bridge that it operated in August 2018 and which cost the lives of 43 people.

Source: job

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