Massimo Renon: “100 million funds gap? I’ll reply with my legal professionals”. Who is the CEO accused by Luciano Benetton
Massimo Renon, who’s he? His identify was by no means even whispered within the interview with Luciano Benetton, during which he refers to a sudden funds gap of over 100 million euros for the group he based with the identical identify. Well, even when he’s by no means named, the reference to the present CEO of Benetton is obvious Massimo Renon. Guilty – in accordance with the founding father of the Treviso firm – of getting left an actual catastrophe within the accounts after 4 years on the helm of the clothes model.
Renon, as reported by the Courierafter additionally studying the statements of sources from Edition who announce a “reorganization”, responds with a “no remark” already on a battle footing: “I will not touch upon the subject, I’m organizing myself with my legal professionals for a structured response”.
But who’s the highest supervisor? And the place does it come from? Born in 1970, Rearing he begins as a laborer. Before Giacomelli sports activitiesThen Luxottica. It is within the firm based by Leonardo Del Vecchio who has gained robust worldwide expertise. He graduates whereas working for the group of Configuration: political science with specialization in Business administration at Bocconi after which at Columbia University.
After gaining sufficient expertise, he nonetheless studies the CourierIn 2010 Rearing leaves Luxottica per Ferrarito then return to the eyewear enterprise however from Safilo, Luxottica’s essential competitor. When Roberto Vedovottoformer CEO of Safilo joins the group Dry by François-Henri Pinault to discovered the primary eyewear division of a big luxurious large — Dry Eyewear — Renon strikes to this new firm which can start a robust change in eyewear. Remaining within the sector, in 2017 it’s the flip of Marcolinan organization from Longarone (Belluno) which has signed an settlement with Lvmh of the Arnault household creating Theliòs.
And now, within the blink of an eye fixed, it is 2020. The 12 months during which he involves the helm of Benetton group. And even at this second, the style model shouldn’t be precisely in its greatest interval. One competitor, specifically, made its means into the enterprise: quick vogue represented by the giants Zara e H&M which have progressively eroded market shares of the Italian clothes group.
In 2012, Benetton introduced the tip of his journey in Bag after 26 years, whereas the corporate’s capitalization was already declining from the lows of the Nineteen Nineties and income had been beneath strain since 2008. Attempts to reposition itself within the youngsters’s and youth sector have been unsuccessful, and the choice to take care of the administration of franchised shops has led to excessive prices for hire and warehouses, not like opponents equivalent to Zara e H&M. The battle on the doorstep of Europe (with Benetton shops additionally in Russia and Eastern Europe) has additional hindered restoration plans, as reported by the newspaper Mf.
In 2022, the corporate recorded losses of 81 million euros and in 2021 the stability sheet was nonetheless within the purple by 112 million. These losses have been added to earlier ones, bringing the overall losses to over one billion euros. There pandemic and Covid-19 hit the retail sector exhausting, forcing the Ponzano Veneto firm to postpone the monetary break-even plan to 2023, a plan that proved to be as unsuccessful as all earlier makes an attempt at relaunching.