Co-founder of the Benetton Group Luciano Benetton revealed in an interview with Milan daily Corriere della Sera that he was resigning as chairman. He identified losses of € 100 million (US $ 108.5 million) last year and attributed them to present management.
Benetton left the clothing company in 2012 but came back in 2018 as chairman. He held his new management group and a CEO he recruited in 2020 accountable for the losses. He claimed that last September was when he first realised losses were mounting.
The northern Veneto-based clothing company, which was formerly famed for its eye-catching advertising campaigns as well as its vibrant knitwear, has failed to compete with fast-fashion retailers. Unions estimate that the business has lost one billion in sales since 2013. Benetton has attempted multiple creative and management relaunches in an effort to get back on track.
When Benetton’s term ends in June, the board of Edizione SpA, the Benetton family holding company, is anticipated to name new executives.
