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The Independent UK

National

Via AP news wire

Luciano Benetton says he's stepping down as chairman of family-run brand as losses top $100 million

Luciano Benetton

Invision

Luciano Benetton, a co-founder of the apparel brand, announced he was stepping down as chairman in an interview published on Saturday with Milan daily Corriere della Sera. He blamed current management for losses of 100 million euros ($108.5 million) that he discovered last year.

Benetton, 89, returned to the apparel brand as chairman in 2018, after having stepped down in 2012. He blamed a CEO hired in 2020 and his new management team for the losses.

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