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Luciano Benetton’s Earnings: A Closer Look At The Tycoon’s Wealth

Shakeup at Benetton: Founder Luciano Benetton Steps Down

In a surprising turn of events, Luciano Benetton, the founder of the Venetian brand, has announced his resignation as president in an interview with Corriere della Sera.
The decision comes as the Ponzano group is facing “a dramatic 2023 budget hole” of around 100 million euros.

This confession has created shockwaves and turmoil within the company, especially following the accusations of mismanagement directed by the former president towards the CEO Massimo Renon, whom he himself appointed.
“I trusted and I was betrayed,” were Benetton’s harsh words.
However, regardless of good faith, the entrepreneur is no stranger to the blame game.
This is not the first time the family has shifted responsibility onto its managers for failed management, as seen in cases like the Morandi bridge disaster.

Now, this alleged mismanagement could have repercussions on the 6,000 employees of the company.
Meanwhile, Renon is threatening legal action: “I don’t comment on the topic, I am organizing with my lawyers for a structured response.”

As the manager gears up to battle one of the country’s most powerful families, shareholder Edizione is ready to intervene with 260 million euros over the next few years to support the reorganization and relaunch of the Benetton group.

Benetton’s announcement marks a delicate moment for the Italian company, raising questions about how much the entrepreneur and founder of the Benetton brand has actually earned.
Between the Morandi bridge collapse, the Italian highways, and the current “hole,” many wonder about the true wealth accumulated by this pioneer of the Benetton brand.

Luciano Benetton: Who He Is and the History of the Benetton Brand

Born in Treviso in 1935, Luciano Benetton co-founded Benetton Group in 1965 with his brothers Giuliana, Gilberto, and Carlo, creating a company with over 6,000 stores worldwide.
Luciano also sits on the board of directors of Edizione S.r.l., the family’s financial holding company.

Over the years, Benetton’s career has had significant milestones and sudden setbacks.
A member of the Italian Republican Party, he served as a Senator of the Republic from 1992 to 1994.

In a generational shift in May 2013, the four Benetton brothers stepped down from the board of directors, making way for their respective children.
Luciano was succeeded by Alessandro Benetton, who became the president of Benetton Group in 2012.
However, Alessandro’s tenure faced strategic divergences, leading to him leaving the presidency and the board of directors from 2014 to 2016.

Despite facing losses of 180 million euros in 2017, Luciano Benetton returned to the board in 2018 at 83 years old as the executive chairman.
However, the collapse of the Morandi bridge that year, which resulted in 43 fatalities, brought intense scrutiny to the family, as they privately controlled Autostrade per l’Italia through Atlantia, which became public in 2021.

The controversies led to the resignation of Giovanni Castellucci as CEO and general manager of Atlantia in 2019, with a severance pay of 13 million euros.
Nonetheless, the Benetton family continued their business activities.
However, the flagship company, Edizione Holding, has been struggling for over a decade, losing ground to global fast-fashion brands.
Luciano’s departure from the leadership marks a turning point – whether positive or negative, only time will tell.

Luciano Benetton’s Earnings

Despite facing significant challenges, such as the Morandi Bridge scandal, the Benetton family remains one of Italy’s wealthiest.
Notably, the sale of Autostrade per l’Italia (Aspi) by Atlantia – in which the family has a 30% stake – to Cassa Depositi e Prestiti (CDP) brought in 5.31 billion euros.
Consequently, the family earned around 1.8 billion euros from this sale alone.

It is estimated that over 20 years, the Benetton family made approximately 4.4 billion euros from Autostrade per l’Italia in dividends and capital gains.
According to Forbes, Luciano Benetton is currently one of Italy’s richest entrepreneurs, ranking jointly with his sister Giuliana as the 30th richest person in Italy, with a personal fortune of 3.3 billion dollars.

As Luciano prepares to bid farewell to Benetton Group, the forthcoming assembly on June 18 is expected to formalize his departure.
Company sources indicate that a “reorganization and relaunch plan for Benetton Group” will be initiated.
The company’s financial situation is not deemed to have a significant “budget hole,” but a notable loss compared to projections has been registered.
The question now remains: who will succeed Luciano, and does the brand’s founder intend to retire permanently from the scene?

Author: Hermes A.I.

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