MILAN (Reuters) - Italian executive Claudio Sforza has been chosen as chief executive of loss-making clothing group Benetton, replacing outgoing Massimo Renon, two sources close to the matter said on Tuesday.

Italy's Benetton family is readying plans to address mounting losses at the fashion retailer, as the group known for its colourful jumpers and provocative advertising has struggled in recent years to keep up with growing competition from major players in the fast-fashion sector.

Sforza was chief financial officer for Italy's postal services group Poste Italiane and CEO for gaming company Gamenet. He was also chief operations officer, for nine years, in the administration of steelmaker Ilva, and managed the liquidation of the assets of builder Astaldi.

Sforza has been picked to "guide the group, manage the company reorganisation and the relaunch of its business," said a source close to Edizione, the holding company through which the family owns the group.

He will be formally nominated by the new board, which will be appointed by a shareholders' meeting on June 18.

Earlier on Tuesday Benetton's board approved the company's 2023 results. Revenue totalled 1.1 billion euros ($1.2 billion)last year, with a net loss of 230 million euros, mainly due to 150 million euros of impairments, the sources added.

($1 = 0.9200 euros)