Diesel is in flux. The Italian denim brand announced that CEO Marco Agnolin is stepping down after just over a year in the role, effective March 28.
In a statement to WWD, the brand said Agnolin “will continue to be part of the Diesel board in order to guarantee the completion of planned activities.” No successor has been named.
Agnolin joined the OTB Group-owned brand in December 2017 after seven years leading the Inditex-owned brand Bershka. Agnolin is the latest in a string of key departures at the company. In October, Johnny Hewlett exited his role as Diesel’s chief executive for Europe. And after five years, Nicola Formichetti left his role as artistic director in 2017.
The U.S. arm of Diesel SpA filed for bankruptcy court protection earlier this month, citing high overhead costs at some of its stores and a failed strategy by the prior management team.
According to Mark G. Samson, chief restructuring officer of Diesel USA Inc., while sales have declined “precipitously” since 2014, the losses were concentrated at its full-price brick-and-mortar stores. Moreover, certain long-term strategic decisions by prior management to effect a post-recession turnaround and the high cost of certain store leases have the business, he said.
Diesel USA operates 28 retail stores, which include 17 full-price doors and 11 factory outlet locations.