Benetton Co-Founder Steps Down Over Accounting, Corriere Says

Luciano Benetton intends to step down from the family company because the fashion retailer’s current managers have created a “hole” in accounts worth over 100 million euros ($108 million).

Benetton, who holds the position of executive chairman, said in an interview with the Italian newspaper Corriere della Sera he that he’d been “betrayed,” and trusted people he shouldn’t have.

The 89-year-old helped create the flagship retailer, founded in 1965 with his siblings Giuliana, Carlo and Gilberto, which grew from a single knitwear store in northern Italy to a global brand.

Calls to the company outside of normal business hours weren’t ...