According to sources close to Benetto Group, Claudio Sforza has been named its new CEO, effective June 18. He will succeed Massimo Renon. Sforza is recognized for his financial and industrial expertise as his background includes management roles at construction group Astaldi; at leading player in the financial, insurance and payment services sector Poste Italiane; at steel company Ilva, and telcos Telecom and Wind.
The arrival of a new CEO is not surprising, following an interview with cofounder Luciano Benetton with Italy’s daily Corriere della Sera on Saturday. Aged 89, Benetton said he was exiting the company he cofounded and his role as president, and that he felt “betrayed” by his managers, without naming Renon.
Revenues last year amounted to 1.1 billion euros, with a net loss of 230 million euros, also due to a devaluation of 150 million euros. Losses before interest and taxes amounted to 113 million euros. Net assets totalled 105 million euros. Despite Benetton’s exit, controlling shareholder Edizione, a Benetton family holding, is said to plan to continue its support of the fashion group, earmarking 260 million euros to this end over the next few years.
Luciano Benetton returned to the Benetton Group in January 2018 as executive president, to spearhead yet another turnaround of the company, which had for years reported declining sales, pressured by competition from the likes of Inditex (Zara) and H&M. For context, revenues fell 15.4 percent to 1.37 billion euros in 2016, from 1.62 billion euros in 2014.
When Alessandro Benetton took a step back from his role as chairman, for the first time in the history of the brand founded in 1965, a non-family member, Gianni Mion, was appointed to lead the business. Luciano Benetton founded the fashion group with his siblings Carlo, Giuliana and Gilberto.
Edizione’s diversified investments include stakes telecom masts group Cellnex, insurer Generali and investment bank Mediobanca, among others.
Benetton Group
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