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Italian business mogul died at home following a brief illness, the company said
He founded United Colors of Benetton with his two brothers during the 1960s
Took company from selling sweaters into infrastructure, telecoms and catering

Published: 17:01 EDT, 22 October 2018 | Updated: 17:16 EDT, 22 October 2018

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Gilberto Benetton (seen in an undated photo) died at home today in Treviso following a brief illness

Gilberto Benetton, the co-founder of his family's fashion empire who helped shape the company into one of Italy's biggest, has died aged 77.

The news was announced in a statement from the Benetton group this evening.

'Gilberto Benetton died at home today in Treviso (northeast Italy) following a brief illness,' the company said.

'His wife Lalla, daughters Barbara and Sabrina and son-in-law Ermanno were with him in his final moments,' the statement continued.

His death comes three months after that of younger brother Carlo in July aged 74.

Benetton was founded by three brothers, Luciano, Carlo, and Gilberto, and their sister Giuliana, who launched a homemade production line in Ponzano Veneto, a village near Venice, in the 1960s.

Their sweaters proved popular items in local stores and a brand was born. Their signature soft wool jumpers made in a variety of colours quickly seduced the masses.

The company went from strength to strength especially between 1982 and 2000 - its fame fuelled by daring ad campaigns by Italian photographer Oliviero Toscani, including a 1989 poster which featured a black woman breastfeeding a white baby.

But for over a decade the brand has been hit by dwindling sales. At the time of his death, Gilberto Benetton was vice-president of Edizione, the family holding company.

Edizione last year booked annual revenue of 12.1 billion euros ($13.8 billion) from a business empire that stretches far beyond trendy tops to include telecoms, toll roads, catering and agriculture.

Gilberto was also vice-president of Autogrill, an Italian-based multinational good and drink company. an Italian-based multinational good and drink company.

He was considered to be the one behind Benetton's diversification away from its original clothing base, according to the AGI news agency.

At the time of his death, Benetton (pictured at the opening of a Burger King store in Milan in 1999) was vice-president of Edizione, the family holding company