Luciano Benetton Hand Over The Helm of the Italian Fashion Clothing Company to his son Alessandro

Luciano Benetton will give the helm from the Italian fashion clothing company he helped found 47 years back to his son immediately, he said in a interview published on Sunday. Benetton and his awesome family turned the business into certainly one of Italy's best known brands exceeding 6,500 stores in 120 countries along with a reputation for controversial advertising and bold colors, nevertheless it has struggled against new competitors. The baton passes to my son Alessandro, who'll become chairman. Benetton, who turns 77 in May, said in a interview published in Italian newspaper Corriere della Sera.

After a run of 47 years, on Tuesday I am going to resign from your duties I hold within the company I founded with my siblings. A business spokesman confirmed the remarks manufactured in the interview. Alessandro happens to be deputy chairman. Benetton has endured the emergence of more-flexible rivals including Inditex's Zara and Sweden's H&M . In January the household announced it could delist the company after having a buyout of minority shareholders. A market source told Reuters in February that Alessandro was set to adopt charge which the buy-out gives him room for possible asset disposals or alliances and help revamp the audience to accommodate members of the family.

In the interview, Benetton said his 48-year-old son had shown within the two years as deputy chairman he'd the passion necessary to run the audience, now a lot more than 90 percent controlled from the family.
Benetton scrapped its 2011 dividend after sluggish consumer demand in Southern Europe and also the rising price of raw materials for example cotton triggered an almost Thirty percent fall in net income.