- Robyn Turk |
Italian denim label Diesel announced the upcoming departure of its CEO Marco Agnolin today. The brand told WWD that Agnolin “will continue to be part of the Diesel board in order to guarantee the completion of planned activities," despite stepping down from his role as chief executive, effective March 28.
Agnolin had only been with the company for just over a year. He joined Diesel in January of 2018 after spending seven years with the Inditex-owned clothing brand Bershka.
The departure of Agnolin might signal a major transitional phase for Diesel. The brand's U.S. subsidiary filed for chapter 11 bankruptcy protection in a Delaware court earlier this month. While the parent company was not part of the filing, Diesel USA had an operating loss of 24 million dollars in 2018. In its court statement, Diesel had cited mounting losses, expensive leases, cyber fraud and changing consumer buying habits for its losses.