INDITEX 
The clothing group's board is expected to meet on Tuesday to discuss a net loss of around 230 million euros ($250 million) by 2023, a source with knowledge of the matter told Reuters.
That compares with a net loss of 81 million euros in 2022, when revenue totaled 1 billion euros.
Benetton shareholders are scheduled to meet on June 18, at which time Renon's term as executive chairman will not be renewed, the two sources said.
Renon, who built his career in the eyewear industry working at Luxottica, Safilo and Marcolin, declined to comment.
The Benettons own the clothing group that became famous for its colorful sweaters and provocative advertising campaigns through its Edizione holding company.
Edizione is preparing to back a restructuring of the clothing retailer and inject 260 million euros, one of the sources said, adding that Edizione would exercise tighter control over the group.
Benetton has struggled to cope with growing competition from fast fashion giants such as Zara owner Inditex, which have developed a more agile production and distribution model, able to respond more quickly to changing consumer tastes.
In an interview with Italian daily Corriere della Sera on Saturday, chairman Luciano Benetton, one of its founders, said that according to a three-year strategic plan, the group was due to break even in 2023, but that in recent months the financial situation has been worse than expected.
Luciano Benetton told Corriere that the current management, headed by Renon, had surprised the board by revealing a "dramatic" deficit.
Founded in 1965 by the Italian Benetton family, the company expanded to trade through some 4,000 stores worldwide, according to its website. After going public in 1986, the Benettons took the shares off the market in 2012, the last year it made a profit.
(1 dollar = 0.9209 euros)
(Reporting by Elisa Anzolin; Editing by Valentina Za, Matt Scuffham and Jan Harvey. Edited in Spanish by Juana Casas)
