Alessandro Benetton will become chairman of the company

Alessandro Benetton will become chairman of the company

Italian fashion firm Benetton Group has today (23 April) confirmed that chairman Luciano Benetton will step down on Tuesday, handing the role to his son.

A spokeswoman for the company told just-style that Benetton's son Alessandro will become chairman.

In February, the clothing company announced plans to delist from the Italian stock exchange after issuing a full year profit warning. Edizione Srl, the investment firm controlled by the Benetton family, made a EUR276.6m (US$364.4m) bid to buy all the shares it did not own in the firm.

Benetton blamed higher raw material costs and a slowdown in consumer spending in the Mediterranean area for a 28.4% drop in full-year profit last month.

The company said it expects "very limited" growth in its main markets in southern Europe, but forecasts "good sales performance" in emerging and high growth countries.