The Italian entrepreneur Luciano Benetton is leaving the company’s management at the age of 89. The chairman of the board of directors of the Treviso-based fashion company complained in an interview with the Milan daily Corriere della Sera (Saturday edition) that he had been “betrayed” by his managers. The company had missed the targets set for 2023 and the balance sheet showed a loss of 100 million euros.
Benetton plans to present his resignation at the shareholders’ meeting on June 18. This will initiate a change in the company’s management and put in place a plan for the reorganization and restart of the Benetton Group.
In the interview, Benetton complained about the incompetence of the current company management. Luciano Benetton, who founded the company in 1965 with his siblings Giuliana, Gilberto and Carlo, is one of the richest Italians.
Benetton’s words raised alarm among the unions. “We had expected losses, but not on the scale that Luciano Benetton is talking about,” said union spokespersons. Union spokesman Gianni Boato stressed that the Benetton Group had already reported losses of one billion euros since 2013.
Returning from retirement
In 2018, at the age of 82, Luciano Benetton took back the helm of his fashion group, which he had given up in 2012 and left the leadership to a few managers. The results deeply disappointed the fashion entrepreneur. Most recently, the fashion group started restructuring its European business with a focus on streamlining the international retail network.
Serious allegations against family
The Benetton family is also involved with the infrastructure company Atlantia and the service station company Autogrill. Holding Edizione Srl The Benetton family from Treviso now controls airports, banks, service stations and motorway operators. Such as the company Atlantia, which in turn is subordinate to “Autostrade per l’Italia” – the operator of the dilapidated bridge in Genoa. 43 people were killed when the Morandi motorway bridge in Genoa collapsed on August 14, 2018.
Meanwhile, a trial is underway in Genoa against managers of the motorway operator.