Italian entrepreneur Luciano Benetton, aged 89, is stepping down from the management of the Benetton Group. 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.
Luciano Benetton founded the company in 1965 with his siblings and is one of the wealthiest Italians. His remarks have 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 family also has interests in infrastructure companies Atlantia and Autogrill and controls 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.
