Gilberto Benetton, the billionaire co-founder of Italian clothing giant Benetton Group SpA, has died. He was 77.
He died Monday at his home in Treviso, Italy, following a brief illness, according to a statement from his family. No details were given.
Benetton co-founded the company more than 50 years ago with his siblings Luciano, Giuliana and Carlo. He amassed a net worth of about $2.5 billion, according to the Bloomberg Billionaires Index.
Starting as a sweater seller in Italy in the 1960s, Benetton grew into an international retailer with about 5,000 stores. Savvy and provocative marketing campaigns, often tackling contentious social issues, helped the apparel maker attract attention and increase sales.
Gilberto was the main architect of the family’s expansion beyond the clothing industry by creating the holding company Edizione Holding SpA, with investments in Atlantia SpA, a construction company and toll-road owner, and Autogrill SpA, a restaurant chain.
While his brother Luciano has been linked with the namesake brand, Gilberto spent much of the past two decades involved in infrastructure projects and various consumer goods. He also played a key role in Italy’s privatization moves during the late 1990s.
This article was provided by Bloomberg News.
