Luciano Benetton leaves: “They betrayed me, there’s a 100 million gap”
A vitriolic interview, the one given by Luciano Benetton, founding father of the clothes group. Against “his” managers, responsible of hiding the reality concerning the monetary statements.
The 89-year-old, actually, left the corporate in 2012 “with the corporate in good well being, with a turnover of two billion and a revenue, even when logic says that we will all the time do higher. Only after sturdy insistence from my brother Gilberto I’ve determined to return in 2018″. Because the group had problem discovering a high-level administration staff. Now he’s leaving the Treviso firm once more: “In abstract, I trusted and I used to be mistaken. I used to be betrayed within the true sense of the phrase. Just a few months in the past I spotted that one thing was mistaken. That the {photograph} of the group that the highest administration repeated to us within the boardrooms was not actual” he defined to Corriere della Sera.
With the CEO, who he by no means mentions by identify within the interview, Benetton says that “he by no means requested me something, neither he nor the brand new collaborators he introduced in, amongst these 5 come from the business space of an organization with a market custom utterly completely different from ours”. The firm had a three-year plan for the tie that led to 2023. But apparently it fell by way of.
“While we obtain these first indicators in council, given in a completely unconcerned method on their half, I understand that the numbers do not add as much as me and that the issue goes nicely past what they declared in September. Among different issues, I had been feeling discontent inside and out of doors the corporate for a very long time because of the conceited angle e not very succesful of the new managers. Phrases similar to “we determined and it’s essential to stick with it” which we’re not used to listening to or utilizing within the firm, give the caliber of the brand new administration staff. Naturally, I firmly level this out to the “new ones” and in a board assembly I specific my nice concern for an financial pattern that completely would not add up”, continues Benetton.
At that time, Benetton says, “in one of many council conferences within the following months the bomb explodes, that is what it was. They instantly have a dramatic funds gap, a shock that leaves us breathless”. That is to say “round 100 million. However, all the pieces that has emerged and is rising since September ’23 is a shame.” And he accuses: “Either they’re unprepared to the purpose of not with the ability to perceive the basics of the corporate, due to this fact in good religion however critically insufficient for the roles they’ve held, or they voluntarily determined to maintain the fact of the info hidden, thus omitting worthwhile data, to the purpose the place they may not cover the reality. There can be an investigation into this.”
Benetton leavesthe Group’s response: “No funds gap however operational loss”
Edizione, which has all the time supported the Benetton group, supporting it with 350 million euros within the final 3 years alone, has launched a reorganization and relaunch plan for the group. This is what sources near the Ponzano Veneto group report. Il administration of whom Luciano Benetton speaks within the interview with ‘Corriere della Sera’, group sources clarify, “he took workplace in 2020, presenting a plan that envisaged break-even in 2023 and optimistic money flows within the interval 2024-2026”. Instead, the identical sources observe, “a loss was generated (and never a funds gap), which was not identified to the board even a couple of months in the past”.
Edizione, they level out, has supported this plan over time, supporting Benetton Group with 350 million euros within the final 3 alone and can proceed to take action within the coming years. The new Edizione course has by no means handled Benetton Group thus far, because the work of the administration chosen in 2020 is underway (administration which is now expiring). In Edizione there was shock once we realized the Benetton Group’s outcomes, on the identical time there’s a want to determine probably the most acceptable options.
Beyond the bitterness over the Benetton Group’s difficulties, sources near the group underline, from a enterprise viewpoint the corporate represents round 1% of Edizione’s enterprise. The Benetton Group shareholders’ assembly has been scheduled for June 18th, following which shareholder Edizione will introduce the mandatory discontinuity within the managerial administration of the corporate. A reorganization and relaunch plan for Benetton Group will due to this fact be launched. Finally, the identical sources make clear that Benetton Group’s accounting state of affairs doesn’t current a funds gap, however within the accounts for the 12 months a big loss emerged in comparison with the forecasts of the three-year plan offered previously by the administration and confirmed by the identical till a couple of months in the past .
Benetton leavesthe response of the unions
The Benetton group’s failure to attain the targets set for 2023 by the economic plan “was anticipated, however definitely not of the size indicated within the interview with Corriere by Luciano Benetton”, i.e. 100 million. It is the response of the commerce union organizations of Treviso to the statements made by the founding father of the textile group, Luciano Benetton. The unions report that, because of the efficiency not equivalent to expectations, they’d already been knowledgeable that the efficiency bonuses offered for within the supplementary contract wouldn’t be distributed. The 2023 information, nevertheless, haven’t but been launched.