Massimo Renon: “100 million budget hole? I will respond with my lawyers”. Who is the CEO accused by Luciano Benetton
Massimo Renon, who is he? His name was never even whispered in the interview with Luciano Benetton, in which he refers to a sudden budget hole of over 100 million euros for the group he founded with the same name. Well, even if he is never named, the reference to the current CEO of Benetton is clear Massimo Renon. Guilty – according to the founder of the Treviso company – of having left a real disaster in the accounts after four years at the helm of the clothing brand.
Renon, as reported by the Courierafter also reading the statements of sources from Edition who announce a “reorganization”, he responds with a “no comment” already on a war footing: “I won’t comment on the topic, I’m organizing with my lawyers for a structured response”.
But who is the top manager? And where does it come from? Born in 1970, Renon he starts as a laborer. Before Giacomelli sportsThen Luxottica. It is in the company founded by Leonardo Del Vecchio who has gained strong international experience. He graduates while working for the group of Agordo: political science with specialization in Business management at Bocconi and then at Columbia University.
After gaining enough experience, he still reports the CourierIn 2010 Renon leaves Luxottica For Ferrarito then return to the eyewear business but from Safilo, Luxottica’s main competitor. When Roberto Vedovottoformer CEO of Safilo joins the group Kering by François-Henri Pinault to found the first eyewear division of a large luxury giant — Kering Eyewear — Renon moves to this new company which will begin a strong change in eyewear. Remaining in the sector, in 2017 it is the turn of Marcolina company from Longarone (Belluno) which has signed an agreement with Lvmh of the Arnault family creating Thelios.
And now, in the blink of an eye, it’s 2020. The year in which he comes to lead the Benetton group. And even at this moment, the fashion brand is not exactly in its best period. One competitor, in particular, made its way into the business: fast fashion represented by the giants Zara And H&M which have progressively eroded market shares of the Italian clothing group.
In 2012, Benetton announced the end of his adventure in Bag after 26 years, while the company’s capitalization was already declining from the lows of the 1990s and profits had been under pressure since 2008. Attempts to reposition itself in the children’s and youth sector were unsuccessful, and the decision to maintain the management of franchised stores has entailed high costs for rent and warehouses, unlike competitors such as Zara And H&M. The war on the doorstep of Europe (with Benetton stores also in Russia and Eastern Europe) has further hindered recovery plans, as reported by the newspaper Mf.
In 2022, the company recorded losses of 81 million euros and in 2021 the balance sheet was still in the red by 112 million. These losses were added to previous ones, bringing the total losses to over one billion euros. There pandemic from COVID-19 hit the retail sector hard, forcing the Ponzano Veneto company to postpone the financial break-even plan to 2023, a plan that proved to be as unsuccessful as all previous attempts at relaunching.
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