Diesel CEO Marco Agnolin to exit
These are turbulent times for Diesel. Just a few days after the Italian label's US subsidiary filed for Chapter 11 bankruptcy, news of the departure of the OTB Group-owned brand's CEO has emerged.
The former Bershka CEO, who has served in the role of CEO at Diesel since December 2017, will thus not be involved in the label's long-term plan. He will step down from his position on March 28, according to German journal TextilWirtschaft.
Diesel is part of the OTB Group led by Renzo Rosso, which should report its annual financial results at the beginning of April. Last year, the company announced a decline of 2.4% in revenues, which totalled 1.52 billion euros. The group, which does not report the results of its individual brands, did nonetheless highlight the momentum of its Marni and Maison Margiela labels. A matter of months before, Diesel had lost its CEO, as well as creative director Nicola Formichetti – signs of further upsets to come.
According to an internal note, Agnolin will continue to serve on the company's board in order to ensure a smooth transition.
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