MILAN - The Benetton family, which controls the clothing company Benetton Group SpA, aims to develop the group through joint-ventures and franchising agreements, the daily La Repubblica said without giving a source.
The strategy collided with the views of former-CEO Silvano Cassano, who preferred to focus on directly-operated stores, it said.
Yesterday, Benetton announced unexpectedly the immediate resignation of Cassano and of CFO Pier Francesco Facchini, both of whom it expects to replace by May when the company holds its annual general meeting.
The departure of Cassano was motivated by the discrepancy between his views and those of the Benetton family, as well as the Cassano’s decision to exercise stock options in September, reaping 3.7 mln eur in gains, the newspaper said.
The exercise of the stock option was seen by the family as lack of confidence in the group’s prospects, it added.
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