Benetton founder hands reins to son
The co-founder of the Italian fashion retailer Benetton has announced he will step down tomorrow and hand the leadership of the family-owned business to his son.
Luciano Benetton, head of one of Italy’s best-known brands, will stand down in favour of his son Alessandro.
The 77-year old said in a statement: “The baton passes to my son Alessandro, who will become chairman.
“After a run of 47 years, on Tuesday I will resign from the duties I hold in the company I founded with my siblings.”
Never Miss a Retail Update!Alessandro is currently deputy chairman of the business.
Benetton operates over 6,500 stores worldwide and has often courted controversy with its advertising campaigns.
Earlier this year, the Benetton family said it would delist the company after a buy-out of minority shareholders. The company is now more than 90% controlled by the family.
Benetton has been hit by sluggish consumer demand in Southern Europe and the rising cost of raw materials. Last month the company reported that net profits for 2011 had decreased by 28% to €73 million on sales that had fallen by 1% to €2 billion.
