Italian denim brand Diesel has appointed Daniela Riccardi as chief executive. Riccardi, who was previously president of pharmaceutical company Procter & Gamble in China, will join Diesel on July 1.
Renzo Rosso, founder and chairman of Diesel’s parent company Only the Brave, told WWD that he had been in talks with Riccardi for more than a year because she had a clear strategic vision and experience of managing complex markets and business models.
He added that Riccardi, who joined Procter & Gamble in 1985, was “ fast, dynamic and a great team worker” and pinpointed her experience in China as “very important for us”.
Diesel is understood to account for 80% of sales at Only The Brave.
The appointment of Riccardi means that Marina Tosin, who is currently chief executive of both Only the Brave and Diesel, will remain as chief executive of the parent company only and will focus on growing revenues at the group and making further acquisitions.
Rosso said: “We really needed a figure dedicated and concentrated on the group to set the guidelines for further development of the group.”
Rosso said the group, which already owns Maison Martin Margiela, Viktor & Rolf and Staff International, will be looking for further acquisitions in 2011. He added that he expects revenue in 2010 to be slightly up on last year.
Only The Brave will relocate to a new head office in Breganze, Italy, in July.
Diesel opened an office and two stores in India last week and has five more slated to open in the country this year.