Alessandro Benetton, the son of one of the Italian fashion brand’s founders, has quit the Benetton Group board in a move that has raised union concerns about the company’s future.
On Monday, the company confirmed Alessandro’s exit, calling it a routine rotation of the company board.
For the company, already pushed to the brink by competition from low cost, fast fashion brands, posted a Euros 46 million loss in 2015. Revenues have continued to drop to 1.2% since then, the company said.
Alessandro is the son of Luciano Benetton, one of four siblings who launched the brand that became known for colorful knitwear and provocative advertising campaigns in the 1980s and 1990s, according to a report in the Associated Press.