Luciano Benetton says he's stepping down as chairman of family-run brand as losses top $100 million
Luciano Benetton Resigns: Can New Leaders Revive Brand?
Luciano Benetton is stepping down as chairman of the family-run Benetton brand, citing management failures for recent losses exceeding 100 million euros. He returned as chairman in 2018 to address the brand's struggles against fast-fashion competition but will leave when his term ends in June. The Benetton family's holding company, Edizione SpA, plans to appoint new management.
How much did Luciano Benetton claim the company lost under the current management?
Luciano Benetton claimed that the company lost 100 million euros (approximately $108.5 million) under the current management. He discovered these losses last year and blamed the CEO hired in 2020 and his new management team for them2.
Who did Luciano Benetton blame for the financial losses incurred by the company?
Luciano Benetton blamed the current management for the financial losses incurred by the company. Specifically, he blamed a CEO hired in 2020 and his new management team for the losses.