Diesel has been witnessing a lot of turbulences lately. Last week, it filed a voluntary petition for relief under Chapter 11 and this week the Italian retail clothing brand has informed that it is hunting for a new CEO.
Marco Agnolin, who currently holds the position, is leaving the Italian jeanswear company but will retain the office until 28 March 2019. Also, the same day is fixed for the next Board of Directors’ meeting to discuss over the situation.
The decision was taken upon a common agreement with the owner and management of OTB, the group behind the Diesel brand.
Although for some months, Agnolin will continue to be part of the Board of Directors in order to complete all of the activities planned previously. Till now, Diesel is yet to announce, who will succeed Agnolin as the next CEO.
Agnolin joined Diesel in 2017-end. Prior to this, he had worked for the Inditex Group as director for Bershka since 2011, and previously he was responsible for the Spanish fast fashion group in Italy.
On the other hand, Diesel has filed a voluntary petition for relief under Chapter 11, which provides an opportunity for companies to reorganise, while continuing day to day operations.
The filing is a critical step in enabling Diesel to address certain long-term liabilities for a fresh start in the country to build a healthier and stronger new presence for the brand in line with the evolving US retail environment.
For 2019, Diesel is planning several new experiences in North America’s key influential cities such as New York, Los Angeles and Miami, where a number of pop-up stores will open with special themes to drive product exclusivity, fuel equity, social amplification, drop culture and fashion credibility.
