Luciano Benetton says he's stepping down as chairman of family

MILAN (AP) — 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.

“In short, I trusted them, and I made a mistake,” Benetton said. He said he first became aware that losses were compiling last September.

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 numerous creative and managerial relaunches in a bid to regain its footing.