Luciano Benetton, co-founder of the iconic apparel brand, has decided to step down as chairman, he revealed in an interview with Italy's Corriere della Sera. He has decided to leave his role after he discovered losses of 100 million euros ($108.5million) last year, which he attributes to the current team.
At 89, Benetton returned to his role as chairman in 2018 after initially stepping down in 2012, only to find himself disappointed by a chief executive and management team appointed in 2020, whom he blames for the financial downturn. "In short, I trusted them, and I made a mistake," Benetton confessed, noting that he first noticed the accumulating losses last September. The brand, headquartered in Veneto and famed for its vibrant knitwear and bold advertising, has faced stiff competition from fast-fashion outlets.
Since 2013, unions have reported losses totaling around 1 billion euros despite several attempts at creative and managerial overhauls to reclaim market relevance. Benetton is set to leave his post in June, aligning with the expiration of the board term at Edizione SpA, the Benetton family's holding company led by his son Alessandro. Edizione, with interests spanning transport, infrastructure through Mundys, and food and beverage retail including Autogrill via Dufy, is poised to usher in new leadership.
The family holding company offloaded its shares in Autostrade per l'Italia SpA, following intense political scrutiny after the tragic collapse of a Genoa highway brid.
