MILAN — Diesel has tapped Marco Agnolin as its new chief executive officer, effective January. Agnolin joins Diesel from a seven-year stint at Bershka, controlled by Spanish retail giant Inditex. Agnolin succeeds Alessandro Bogliolo, who left for Tiffany & Co. in October.
Diesel is going through a phase of changes. As reported on Monday, artistic director Nicola Formichetti is exiting after four years at the company.
In 2016, Diesel’s revenues totaled 960 million euros, representing about 60 percent of parent company OTB’s sales, but for the first time it operated at a loss, dented by business in Europe and the U.S., as well as in Hong Kong. Diesel was impacted last year by the repositioning of the brand and its more selective distribution, which led to a “voluntary reduction” of sales amounting to 200 million euros.
“I am proud to welcome Marco on board, one of the most talented fashion executives worldwide and a professional whose career I have followed for a long time,” said Diesel founder Renzo Rosso. “His experience and personal attitude, matched with our vision of the brand, will bring about a successful future for Diesel.”
“All my life I have looked up to and have been inspired by one brand, and that was Diesel,” said Agnolin. “Today I am happy to be part of it, looking forward to giving my contribution to the next chapters of its unique story.”
Zara’s younger sibling Bershka represents 9 percent of Inditex’s annual sales, which hit 11.67 billion euros in the first half of this year.
Bershka was established in 1998 and has more than 1,000 stores in 71 countries, It is also a sister brand to Massimo Dutti, Pull & Bear among others.
As reported, Bershka is now dipping its toe into the American market, opening a pop-up in SoHo in October that is ostensibly intended to celebrate the company’s launch of its online store in the U.S.