Luciano Benetton says he’s stepping down as chairman of family-run brand as losses top US$100 million

Milan, Italy –

Luciano Benetton, a co-founder of the attire model, introduced he was stepping down as chairman in an interview revealed on Saturday with Milan day by day Corriere della Sera. He blamed present administration for losses of 100 million euros (US$108.5 million) that he found final 12 months.

Benetton, 89, returned to the attire model as chairman in 2018, after having stepped down in 2012. He blamed a CEO employed in 2020 and his new administration crew for the losses.

“In short, I trusted them, and I made a mistake,” Benetton mentioned. He mentioned he first grew to become conscious that losses have been compiling final September.

The attire model primarily based within the northern Veneto area — referred to as a lot for its colourful knitwear as for its as soon as splashy promoting campaigns — has struggled in opposition to competitors from fast-fashion manufacturers, with unions estimating losses on the group since 2013 at one billion euros. Benetton has undergone quite a few inventive and managerial relaunches in a bid to regain its footing.

Benetton’s time period expires in June, coinciding with the board of the Benetton household holding firm, Edizione SpA, which is predicted to nominate new administration.

Edizione, whose chairman is Luciano Benetton’s son Alessandro, has various holdings together with transport and infrastructure by way of Mundys, and meals and beverage retail, together with the Autogrill chain, by way of Dufy.

The household holding firm offered its holdings in Autostrade per l’Italia SpA after coming below intense political scrutiny following the collapse of the Genoa freeway bridge that it operated in August 2018 that killed 43 individuals.