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

Luciano Benetton says he's stepping down as chairman of the apparel brand. He made the announcement in an interview with Milan daily Corriere della Sera published on Saturday. Benetton blamed current management for a loss of 100 million euros last year. The 89-year-old Benetton 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. Benetton told the newspaper: “In short, I trusted them, and I made a mistake." His term expires next month. That coincides with the board meeting of the family holding company chaired by his son Alessandro. A new management team is expected to be appointed at that time.