Free Trial

Luciano Benetton says he's stepping down as chairman of family-run brand as losses top $100 million

Luciano Benetton speaks to guests after the Benetton women's Fall-Winter 2019-2020 collection, that was presented in Milan, Italy, on Feb.19, 2019. Benetton, a co-founder of the apparel brand, announced he was stepping down as chairman in an interview Saturday May 25, 2024 with the Milan daily Corriere della Sera where he blamed current management for losses of 100 million euros ($108.5 million) that he discovered last year. (AP Photo/Luca Bruno, File)

MILAN (AP) — Luciano Benetton, a co-founder of the apparel brand, announced he was stepping down as chairman in an interview published on Saturday with Milan daily Corriere della Sera. He blamed current management for losses of 100 million euros ($108.5 million) that he discovered last year.

Benetton, 89, returned to the apparel brand as chairman in 2018, after having stepped down in 2012. He blamed a CEO hired in 2020 and his new management team for the losses.

“In short, I trusted them, and I made a mistake,” Benetton said. He said he first became aware that losses were compiling last September.

The apparel brand based in the northern Veneto region — known as much for its colorful knitwear as for its once splashy advertising campaigns — has struggled against competition from fast-fashion brands, with unions estimating losses at the group since 2013 at 1 billion euros. Benetton has undergone numerous creative and managerial relaunches in a bid to regain its footing.

Benetton’s term expires in June, coinciding with the board of the Benetton family holding company, Edizione SpA, which is expected to appoint new management.

Edizione, whose chairman is Luciano Benetton’s son Alessandro, has diverse holdings including transport and infrastructure through Mundys, and food and beverage retail, including the Autogrill chain, through Dufy.

The family holding company sold its holdings in Autostrade per l’Italia SpA after coming under intense political scrutiny following the collapse of the Genoa highway bridge that it operated in August 2018 that killed 43 people.

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

7 Stocks to Buy And Hold Forever Cover

Click the link below and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

From Landfills to Profits: Opal Fuels CEO Shares How the Company Turns Trash into Cash
The Real Reason Tesla Stock Is Soaring – and Why Tech Expert Says It Won’t Stop
Best ETFs for 2025: Growth, Stability, and AI-Driven Investing

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines