Luciano Benetton Steps Down as Chairman Amid $108 Million Loss

The co-founder of the apparel brand blames current management for significant financial setbacks discovered last year.

Luciano Benetton, 89, returned as chairman in 2018 after initially stepping down in 2012.
He attributes the losses to the CEO and management team appointed in 2020.
The brand has faced intense competition from fast-fashion companies, leading to substantial financial difficulties.
Benetton's term ends in June, and new management is expected to be appointed by the family holding company, Edizione SpA.
The holding company, chaired by Luciano's son Alessandro, has diverse investments including transport, infrastructure, and retail.