Luciano Benetton says he's stepping down as chairman of the apparel brand.
FILE - 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 that he discovered last year.
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 numerousBenetton’s term expires in June, coinciding with the board of the Benetton family holding company, Edizione SpA, which is expected to appoint new management.
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