Benetton co-founder shakes up governance with next generation


LVMH


Double-digit organic growth across most of its divisions helped the world’s leading luxury group LVMH (Louis Vuitton Moët Hennessy)


report a 13% revenue rise in 2017 to €42.6 billion ($53.2 billion).


GOOD YEAR L


uciano Benetton has overhauled the fashion empire he co-founded by forming a new corporate vehicle and appointing next-generation family members to its board.


The 83-year-old co-founded his fashion house in 1965 with his siblings Gilberto, Giuliana, and Carlo. Despite making way for non-family managers to take control of the group in 2006, Benetton assumed the office of executive chairman of his struggling namesake in January this year. This month he delivered his biggest revision of the group’s governance and organisational structure yet. Luciano Benetton (pictured) has established a new corporate vehicle, Benetton Srl, to direct and co-ordinate the two operating subsidiaries of the apparel textile sector: Benetton Group Srl (commercial activity) and Olimpias Group Srl (productive activity). The founder chairs Benetton


NUMBERS CRUNCHED


increase in the number of ultra-wealthy people around the world, raising the total population to 129,730, with a combined worth of $26.4 trillion.


ISSUE 73 | 2018


of the entire German SME sector, or more than half a million owner-managers of mostly family businesses, intend to transfer ownership and control of their fi rms by the year 2022.


is the age of Rennie Hoare, member of the founding family behind Britain’s oldest bank, C Hoare & Co, who was promoted to shareholding partner and replaced three retiring partners in their 80s.


in Apple shares bought by Warren Buffett on 6 May, adding to the 3% his family-controlled investment offi ce Berkshire Hathaway already owns.


CAMPDENFB.COM 5


Srl with Christian Benetton (son of Carlo), Franca Bertagnin Benetton (daughter of Giuliana) and Sabrina Benetton (daughter of Gilberto) among the board members. The operating subsidiary Benetton Group Srl will have a new board of non-family directors composed of executive managers already reporting directly to Luciano. The operating subsidiary Olimpias Group Srl will have a new board of non-family directors under the executive chair of Christian. “This structure favours the guidance and coordination of the group’s decision-making processes, concentrating them on the new Benetton Srl company,” the group said.


BAD YEAR


Lego Group


Revenue for the Danish family owned Lego Group for 2017 fell 8% after more than a decade of strong growth to DKK 35 billion ($5.8 billion) from DKK 37.9 billion ($6.3 billion) in 2016. Flat global sales and corporate streamlining were blamed.


10%


14%


32


$75 m


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