NOTE BOOK N EWS IN BR I E F
Benetton co-founder returns to rescue embattled Italian icon
Cash-rich L’Oréal eyes Nestlé stake
After posting $32 billion revenue and a 15% rise in
profits for 2017, L’Oréal wants to buy back the $28 billion
(23%) stake of itself owned by underperforming Nestlé.
Nestlé said it would “maintain all available options for the benefit of [it’s] shareholders”.
Coopers future-proofs its brewing
Coopers, Australia’s oldest family-owned brewer, has invested $49 million in the most technically advanced
T
he 82-year-old co-founder of iconic Italian fashion retailer Benetton has taken over control of the family business from non-family executives
as it struggles with mounting losses. In 1965 Luciano Benetton established the company with his three siblings, which became famous for colourful knitwear and provocative advertising campaigns in the 1980s and 1990s. He served as Benetton’s chairman from 1978 to 2012. “In 2008, I left the company with €155 million ($183 million) in assets, and am taking it back now with the €81 million ($100 million) losses from 2016. And this year it will be worse,” the 82-year-old told La Repubblica. “It is an intolerable pain. That’s why I’m going back.” Alessandro Benetton, Luciano’s son, left the Benetton Group board in December 2016, handing over to non-family executives.
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The 52-year-old had been a member of the board for 18 years and was previously chairman of the board of directors from 2012 to 2014, raising questions in the media over the company’s future. Benetton is the latest Italian fashion or luxury business to see its ageing founder return. Leonardo Del Vecchio (82), founder of Italian eyewear brand Luxottica, returned to control in 2016 after a succession of departures by non-family chief executives. It comes at the same time that Giorgio Armani (83) weighs succession of his $6 billion fashion fortune as he has no clear successor. His nieces and nephew are likely to control the company through a foundation. The Benetton family’s largest asset is not its well-known clothing arm, but toll road operator Atlantia, which is owned by Edizione, the Benetton family’s holding company. Edizione turned over €11.6 billion in 2016 including $1.38 billion from the Benetton’s namesake clothing lines.
malting plant in the world. The sixth-generation family said the 13,000sq m plant was self-funded and the largest
single investment in Coopers’ 155 year history.
Aspall cider sells to Molson Coors after eight generations
The 290-year-old UK premium cider brand Aspall has been acquired by multinational
family-controlled brewing giant Molson Coors for an
undisclosed sum. Members of the eighth-generation Chevallier family, who
founded Aspall, remain involved and said the
investment enabled growth. ISSUE 72 | 2018
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