The fashion apparel brand confirmed Benetton's exit and called it a regular rotation within the board, according to Italian media reports. The board is likely to select the successor to Benetton in the next board meeting.
Alessandro Benetton is also the founding managing partner of 21 Investimenti, a private equity firm that buys companies to increase their competitive advantage in the market.
Benetton is the son of Luciano Benetton, who launched the fashion brand along with his siblings Gilberto, Giuliana and Carlo in 1965. (KD)
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