Italian fashion giant Benetton has lost its manager, as Marco Picone has left the company. His departure follows a restructuring program which was announced in November 2013.
The changes meant that the company would be split in three separate divisions starting in 2015, one for brands, one for real estate and one for industry. Marco Picone's duties were to take care of United Colors of Benetton and those tasks will now temporarily be handled by CEO Marco Airoldi.
The restructuring program is designed to cut down on losses and to regain its former position in the market. The company has 6,500 stores in 120 countries and used be an important name within the fashion world, mainly because of several ad campaigns.
The Benetton family withdrew the company from the stock exchange and paid 276.6 million euro to do so. The goal was to guarantee market value.