Italian entrepreneur Luciano Benetton, aged 89, is stepping down from the management of the company he co-founded. Benetton expressed feeling betrayed by his managers in an interview with the Milan daily Corriere della Sera, as the company failed to meet its 2023 targets, resulting in a 100 million euro loss. He plans to resign at the upcoming shareholders’ meeting on June 18, signaling a change in leadership and a reorganization plan for the Benetton Group.
Benetton criticized the current management for their incompetence, prompting concern from unions about the company’s financial state. Since taking back control of his fashion group in 2018, Benetton has been disappointed with the results and has focused on restructuring the business. The Benetton family also has investments in other companies like Atlantia and Autogrill, with interests in various sectors such as airports, banks, service stations, and motorway operators.
The collapse of the Morandi motorway bridge in Genoa in 2018, operated by Autostrade per l’Italia under Atlantia, resulted in tragedy and legal proceedings against the managers. Benetton’s decision to step down has implications for the fashion industry and the broader business landscape where the family has significant investments. The future of the Benetton Group, under new management, will be closely watched by industry observers and stakeholders alike.