The Italian Edizione holding firm desires to make 260 million euros obtainable for the restructuring and restart of the Benetton style group. This will probably be carried out both via a capital enhance or via different monetary means, the holding firm mentioned in accordance with media reviews. Edizione is the mother or father firm of the Benetton firm, based in 1965.
Shocking resignation
Italian industrialist Luciano Benetton surprisingly introduced on Saturday in an interview with the Milan each day newspaper “Corriere della Sera” that he was leaving the management of the style group on the age of 89. The chairman of the board of administrators of the style firm from the northern Italian metropolis of Treviso complained that he had been “betrayed” by his managers. The corporate had missed the targets set for 2023.
Luciano Benetton particularly complained regarding CEO Massimo Renon and the managers round him, who in his opinion had hid from him “a dramatic funds gap” of round 100 million euros. Renon is contemplating a lawsuit towards Benetton for defamation, Italian media reported.
Edizione has supported Benetton with 350 million euros over the previous three years and can proceed to take action within the coming years, in accordance with the holding firm, which holds stakes in Generali and the Milan funding financial institution Mediobanca. The shareholders’ assembly will happen on June 18, at which Luciano Benetton will formally submit his resignation.
Restructuring deliberate
This may provoke a change within the firm’s administration and launch a plan for the reorganization and restart of the Benetton Group. Luciano Benetton, who based the corporate in 1965 together with his siblings Giuliana, Gilberto and Carlo, is likely one of the richest Italians.
Benetton’s phrases raised alarm among the many unions. “We had anticipated losses, however not on the dimensions that Luciano Benetton is speaking regarding,” mentioned union spokespersons. Union spokesman Gianni Boato confused that the Benetton Group had already reported losses of 1 billion euros since 2013.
Benetton has been in disaster for years
Benetton has been in a deep disaster for years that appears to haven’t any finish. The corporate is represented in 80 international locations worldwide and has greater than 3,700 shops. It’s feeling the robust competitors from corporations that provide low cost style.
In 2018, on the age of 82, Luciano Benetton took once more the helm of his style group, which he had given up in 2012 and left the management to some managers. The outcomes deeply upset the style entrepreneur. Most just lately, the style group began restructuring its European enterprise with a give attention to streamlining the worldwide retail community.
The Benetton household can also be concerned with the infrastructure firm Atlantia and the service station firm Autogrill. By way of the holding firm Edizione, the Benetton household now controls airports, banks, service stations and motorway operators. Such because the Atlantia firm, which was renamed Mundys and which in flip controls “Autostrade per l’Italia” – the operator of the dilapidated bridge in Genoa. 43 individuals had been killed when the Morandi motorway bridge in Genoa collapsed on August 14, 2018.
The Benetton household was accused of greed for revenue, of accumulating cash for motorways however not investing of their upkeep. Managers of the motorway operator are at the moment being tried in Genoa.
