Benetton, end of an era after Luciano’s bomb: new CEO already chosen

Luciano Benetton announces his departure from the company of which he is the founder, saying in an interview with Corriere della Sera that he “trusted” and that he “made a mistake”. «I was betrayed in the truest sense of the word. A few months ago I realized something was wrong. That the photo of the group that senior management repeated to us in the board of directors was not real”, the owner of the group from Ponzano Veneto, in the Treviso area, told the newspaper, warning of a “dramatic budgetary hole, a shock that leaves you without breath. We will be around 100 million”, which appeared in one of the council meetings following the one in September 2023, in which the administration had mentioned some problems, but of smaller dimensions than reported.

Sources close to the Benetton group told LaPresse that a reorganization plan will be “launched and Benetton announces the relaunch of the Benetton Group” and that the general meeting is scheduled for June 18, after which shareholder Edizione will introduce the necessary discontinuity in management company management. The plan, according to sources, should have the support of Edizione with an intervention of 260 million euros, through a capital increase or other forms of financing. There is also a correction in aim in relation to that reported by Luciano Benetton. The sources specify, in fact, that «the accounting situation of the Benetton Group does not present a hole in the budget, but in the accounts for the year there was a significant loss compared to the predictions of the three-year plan presented in the past by the administration and confirmed by it until a few months ago » and that «Edizione has always supported the company, supporting it with 350 million euros in the last 3 years alone and will continue to do so in the coming years».

According to Il Giornale, a new CEO has already been identified and would be an experienced manager who does not come from the world of fashion, but has solid experience in the industry and finance.

Source: IL Tempo