Reported 5 months ago
Luciano Benetton, co-founder of the apparel brand, has announced his resignation as chairman after discovering losses of 100 million euros ($108.5 million) last year, blaming the current management team. Benetton, 89, returned as chairman in 2018 but criticized the CEO hired in 2020 for the financial decline. The Benetton brand has faced challenges from fast-fashion competitors, with estimated losses of 1 billion euros since 2013. Benetton's departure coincides with the appointment of new management by the family holding company, Edizione SpA, led by his son Alessandro.
Source: YAHOO