Luciano Benetton, founder of company, steps down from corporate management amidst disagreement

The Betrayal of a Fashion Empire: Luciano Benetton Steps Down from Management

Italian entrepreneur Luciano Benetton, at the age of 89, is stepping down from the management of the company he founded in 1965 with his siblings. The chairman of the board of directors of the fashion company based in Treviso expressed his disappointment in an interview with the Milan daily Corriere della Sera, stating that he felt “betrayed” by his managers. The company had failed to meet its targets for 2023, resulting in a loss of 100 million euros.

In the interview, Benetton criticized the incompetence of the current management team. He also raised concerns among unions, with spokespersons expressing surprise at the scale of the losses mentioned by Benetton. The Benetton Group has reported losses of one billion euros since 2013. In 2018, Benetton resumed control of the company, which he had previously handed over to managers in 2012. The recent restructuring efforts have focused on the European business and streamlining the international retail network.

The Benetton family also has interests in other companies such as Atlantia and Autogrill. They control airports, banks, service stations, and motorway operators through their holding company, Edizione Srl. The trial against managers of the motorway operator responsible for the Genoa bridge collapse in 2018 is currently ongoing.

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