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Benetton family appoints Marco Patuano CEO of its holding company Edizione
A new chapter is beginning for the Benetton family. The Italian entrepreneurial dynasty, founder of the renowned eponymous fashion label, has appointed two managers from outside the group at the top of its holding company Edizione. The latter controls the Benetton family empire, comprising business such as textiles, motorways and catering.
From January 2017, Marco Patuano will become Edizione's new CEO. Patuano spent most of his career at Telecom Italia, which he led until last March, and will succeed Gianni Mion, a manager who has been a star in the Benetton galaxy for a number of years.
Mion has worked for more than 27 years with Gilberto Benetton and the group based in Ponzano Veneto, Italy. He is regarded as Benetton's alter ego, and one of the chief architects of the group's expansion and diversification.
Luciano Benetton's brother Gilberto, until now the President of Edizione, will also stand aside to make room for Fabio Cerchiai, a manager who spent his entire career in the insurance industry. Cerchiai will take over as President from Gilberto Benetton, who is expected to remain as Vice-President.
In 2014, Gianni Mion had also been appointed "President of the Benetton group with non-executive powers." Last May he was succeeded by Francesco Gori, while Marco Airoldi was confirmed as CEO of the Benetton Group.
According to Italian media, this reshuffling is part and parcel of the crucial generational transition taking place within the legendary Italian family, at a time when the relaunch of the group's leading brand is yet to achieve the results forecasted.
The Benetton group still generates most of its sales in Italy and Europe, and in 2015 they slumped by 1.2% to €1.529 billion, while net losses rose to €46 million. However, EBITDA grew by 34.5%, from €40 to €54 million in one year, while operating income improved from a €17 million loss to a €2 million profit.
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