The chairman of Italian fashion group Benetton will step down from the business tomorrow, handing the role to his son.
According to reports, Luciano Benetton who founded the business together with his brother and sister 47 years ago will pass the chairman’s role to his son and deputy chairman Alessandro from tomorrow.
This follows the news earlier this year that the Benetton group, which includes the Benetton, Sisley and Playlife brands, was looking to delist from the Italian stock exchange after the group issued a profit warning for 2011 forecasting that profit would slip 30%.
The company has 6,400 stores worldwide and said 2011 net profit was expected to be slightly more than €70m (£58m), compared with €102m (£85m) the year before. Benetton also warned that the year ahead would be difficult.