MILAN – After two years, Andrea Incontri and Benetton Group are parting ways, marking the latest change at the Italian company.
In a statement issued Friday evening Milan time, Benetton said the decision was made in mutual agreement as “part of the rearrangement of the organization that is taking place, aimed at defining the team of managers that will flank” newly appointed chief executive officer Claudio Sforza in this “new phase of rationalization and relaunch of the company.”
The internal team will now be in charge of creativity and design.
Given the recent decisions made by cofounder Luciano Benetton, Incontri’s exit is not surprising as he had been named creative director in charge of the women’s, men’s and children’s collections by former CEO Massimo Renon.
Renon left on June 18 following an interview Luciano Benetton gave to Italy’s daily Corriere della Sera last spring, saying that he felt “betrayed” by his managers, without naming Renon. Benetton claimed they drove the company into the red and that he had only recently found out just how bad the situation was.
Benetton decided to leave the company once again after returning in January 2018 as its executive president to spearhead yet another turnaround. He had retired in April 2012, the same year that the company delisted from the Milan Stock Exchange. Luciano Benetton founded the fashion group with his siblings Carlo, Giuliana and Gilberto.
Incontri joined Benetton in July 2022 from Tod’s, where he was men’s creative director. His first collection bowed for spring 2023 during Milan Fashion Week. Incontri succeeded in delivering fun and young collections in sync with the brand, which he characterized as a pioneer in embracing inclusion, diversity and sustainability through its timeless and long-lasting designs, as well as a wardrobe of daily essentials. In February, the brand skipped a runway show, and it does not appear on the Milan Fashion Week’s September calendar at the moment.
Sforza is recognized for his financial and industrial expertise as his background includes management roles at construction group Astaldi; at Poste Italiane, a leading player in the financial, insurance and payment services sector; at steel company Ilva, and at telecommunications companies Telecom and Wind. His curriculum also lists a stint as CEO of gaming company Gamenet.
Benetton Group revenues last year amounted to 1.1 billion euros, with a net loss of 230 million euros, also due to a devaluation of 150 million euros. Losses before interest and taxes amounted to 113 million euros.
Net assets totaled 105 million euros.
Despite Luciano Benetton’s exit, controlling shareholder Edizione, a Benetton family holding, is said to plan to continue its support of the reorganization and relaunch plan of the fashion group, earmarking 260 million euros to this end over the next few years. Over the past three years Edizione channeled 350 million euros into Benetton Group activities.
For context, revenues fell 15.4 percent to 1.37 billion euros in 2016, from 1.62 billion euros in 2014.
Edizione’s diversified investments include stakes in telecom masts group Cellnex, insurer Generali and investment bank Mediobanca, among others.
In July, Benetton Group said it was looking to implement a wage support measure for its office workforce aimed at preserving jobs, finding the best deal with trade unions.
As per Italian law, the measure, called “solidarity contract,” allows companies in restructuring mode to find an agreement with trade unions to reduce working hours and corresponding salaries with the goal to avoid job cuts.
