MILAN () – Alessandro Benetton will be chairman of the family’s Edizione holding company, in a move that will bring the Benettons back to management on Thursday.
The meeting came at a time when Edizione was about to turn the page in 2018 following the catastrophic collapse of a bridge operated by Italy’s Atlantia Infrastructure Department.
Since then, Atlantia has sold the business on a contract that is expected to be completed by the end of March. Edizione said it had slightly increased its stake in Atlanta to 33.1 percent.
It also has stakes in an airport and highway catering company, Cellnex Telecommunications Pillar Group, General Insurance Company and Mediobanca Investment Bank.
Edizione considered its investments in Atlantia, Autogrill and Benetton Group, famous for their colorful sweaters, to be strategic, which is now struggling because of competitors like Inditex’s Zara.
Since both Generali and Mediobanca were involved in a struggle between shareholders, Benettons ’stakes in the two companies could have attracted the interest of other investors.
Alessandro Benetton, 57, has run Italy’s 21 Invest private equity firm since its inception in the 1990s. He also sits on the Autogrill board and helped organize the 2021 World Ski Championships last year as chairman of the Cortina Foundation.
He was the son of Luciano, one of Benetton’s four brothers, who built his family fortune in a clothing business founded in the 1960s, which later became a transportation and catering business.
Alessandro Benetton replaces Enrico Lagi, an Italian academic and former Alitalia special administrator, who is moving from chairmanship in Edizione to chief executive officer.
The new governance rules, approved Thursday, provide for a five-year blockade period and pre-purchase rights, including mechanisms to ensure that Edizione control remains in Benettons ’hands for generations to come.
Edizione control is equally distributed among the four holding companies, each owned by one of the four founders.
Two of the four brothers, including former Edizione boss Gilberto Benetton, died in 2018.
The family holding will appoint nine board members, five of whom will be independent and the rest will be family representatives.
The report, prepared by Francesca Landini and Elisa Anzolin, was edited by Mark Potter