Benetton initially became famous for its signature soft wool jumpers in a variety of colours, but later on became more known for a series of controversial ads released by the company between 1982 and 2000.

However, the company’s dwindling sales in recent years prompted the 83-year-old Luciano Benetton to take back the reins.

As of July 2018, Carlo Benetton’s net worth exceeded $3 billion, according to Forbes.

He is survived by four children. (RKS)

Fibre2Fashion News Desk – India