Luciano Benetton the founder of Benetton steps down to give way to his son Alessandro who will become a chairman.
Benetton was founded in Italy which runs in fashion clothing for 47 years with more 6,500 stores in 120 countries and reputation for controversial advertising and bold colors.
The 48 year old Alessandro Benetton who is presently the deputy chairman proves his father for his passion for running the company for two years. The 90 percent shares of the company is controlled by the Benetton family.
The company also suffered from the emergence of Inditex's Zara and Sweden's H&M. Earlier this year they announced the delist after a buyout of minority shareholders.