New managers for a new strategy: this is what will be formalized by the next shareholders' meeting of Edizione Holding, which collects the assets of the Benetton family, after the departure of the president Gianni Mion (currently president of Banca Popolare di Vicenza) and the separation of Alessandro Benetton who he left the board of Benetton Group (which historically deals with clothing) due to strategic disagreements.
The new Edizione team will be led by the former CEO of Telecom Italia, Marco Patuano, who will be supported by the chairman Fabio Cerchiai (formerly Generali and Unipol) and above all by Gilberto Benetton, an increasingly strong man of the family and of the group.
The central assets of Edizione, which can count on assets of around 10 billion and fresh resources to invest for another 1,5 billion euros, remain Atlantia, AdR, Autogrill and of course the Benetton Group.
The new course will focus above all on strengthening and rationalizing the companies present in infrastructure (Atlantia and AdR) and in motorway and airport catering (Autogrill) through a complex game of acquisitions and divestments, but it will also have to seek a difficult relaunch of clothing (Benetton Group) after five financial losses and will keep an eye on development in the real estate sector, which already has assets of one billion euros in its portfolio.
To strengthen its presence in the infrastructural field both in Italy (where the group recently took over 22% of Save, which controls the airports of Venice and Treviso and has a significant share in Verona) and abroad (where it is control of Nice airport and the Côte d'Azur has been acquired) the Benetton family does not rule out sales and the issue of bonds (with AdR) to raise cash to invest at the right time. For this reason it is ready to sell 15% of Autostrade per l'Italia, which it currently controls 100% through Atlantia, and it would have already freed itself from minor stakes which, according to "Il Sole 24 Ore", would have already yielded 200 million from the sale of 0,25% of Hermes, 0,35% of L.Brands and 0,12 of Vinci.
Disposals also concerned Autogrill which will have to reposition itself more and more abroad after leaving the Dutch autogrills and instead entering the airport restaurants of Los Angeles and Las Vegas.
In short, the work that awaits the new Edizione team is very demanding but no less important will be to mend the wounds opened in the family by Alessandro Benetton's farewell to the clothing board.
