Luciano Benetton has handed over the helm of the Italian fashion clothing company he helped found to his son Alessandro.
The younger Benetton – who is currently deputy chairman – takes over at a difficult time.
The fashion group has suffered sales setbacks from the emergence of more-flexible rivals such as Inditex’s Zara and Sweden’s H&M.
It has also been impacted by the recession in southern Europe and rising raw materials costs.
The firm known for its colourful sweaters and its deliberately provocative ads was founded in 1965 and
now has 6,500 shops in 120 countries.
Turnover last year was just over two billion euros, a one percent decline from the previous year.
More importantly its net profit last year fell by 28.3 percent to 73 million euros.
In January the family announced it would delist from the Milan stock market after buying out minority shareholders.
That should make it easier to revamp the group, including possible asset disposals or alliances, under the new boss who said he will be “strengthening the business model”.