Is there hope for Benetton’s revival?
The departure of Luciano Benetton, the 89-year-old co-founder of the iconic fashion brand, marked a bitter end to an era. His decision to step down as chairman was fueled by feelings of betrayal towards the firm’s chief executive, Massimo Renon. The revelation of a significant financial shortfall and lackluster results pushed Benetton to make a drastic change. With the absence of a Benetton at the helm for the first time in nearly six decades, the future of the brand hangs in the balance.
Despite the company’s assertion that Mr. Renon did not violate any regulations, the approval of the 2023 financial statement revealed a substantial net loss. The appointment of Claudio Sforza, a seasoned restructuring specialist, as the new CEO signifies a shift towards a fresh perspective in navigating the company’s challenges.
2024-05-30 08:10:01
Source from www.economist.com
