The End of an Era: Luciano Benetton Steps Down from Benetton Group Management Amidst Financial Struggles and Safety Concerns

Luciano Benetton steps down from corporate management amid dispute

Luciano Benetton, the 89-year-old Italian entrepreneur who co-founded the Benetton Group, has announced his plans to resign from the company’s management at an upcoming shareholders’ meeting on June 18. This move signals a change in leadership and a reorganization plan for the fashion group, which has failed to meet its 2023 targets and resulted in a 100 million euro loss.

In an interview with Milan daily Corriere della Sera, Benetton expressed his disappointment with the current management and criticized their incompetence. The union has expressed concern about the company’s financial state due to this criticism. Since taking back control of his fashion group in 2018, Benetton has focused on restructuring the business. The Benetton family also has significant investments in other companies like Atlantia and Autogrill, with interests in various sectors such as airports, banks, service stations, and motorway operators.

The collapse of the Morandi motorway bridge in Genoa in 2018, operated by Autostrade per l’Italia under Atlantia, resulted in tragedy and legal proceedings against the managers. This incident raised questions about the safety of infrastructure managed by private companies and led to increased scrutiny of their operations.

Benetton’s decision to step down has implications for both the fashion industry and the broader business landscape where the family has significant investments. The future of the Benetton Group under new management will be closely watched by industry observers and stakeholders alike as they navigate this new era for one of Italy’s most iconic businesses.

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