Luciano Benetton, the co-founder and 89-year-old CEO of the fashion company he built, announced his resignation from management at an upcoming shareholders’ meeting on June 18. In an interview with Milan daily Corriere della Sera, Benetton expressed feeling betrayed by his managers after the company failed to meet its 2023 targets and suffered a 100 million euro loss. The entrepreneur has been disappointed with the results since taking back control of his group in 2018 and has focused on restructuring the business.
Benetton also criticized the current management for their incompetence, which prompted concern from unions about the company’s financial state. The collapse of the Morandi motorway bridge in Genoa in 2018, operated by Autostrade per l’Italia under Atlantia (a company in which Benetton also has investments), resulted in tragedy and legal proceedings against the managers. This event highlights the broader implications of Benetton’s decision to step down and raises questions about his family’s significant investments in various sectors such as airports, banks, service stations, and motorway operators.
The future of the Benetton Group under new management will be closely watched by industry observers and stakeholders alike. As one of Italy’s most successful entrepreneurs, Benetton’s departure marks a significant change in leadership and signifies a reorganization plan for his fashion empire. The impact of this change on Italy’s fashion industry and broader business landscape remains to be seen, but it is clear that this momentous decision will have far-reaching consequences for all parties involved.
