MILAN (Reuters) - Italian fashion group OTB said on Monday it appointed Balmain's former CEO Massimo Piombini at the helm of its flagship brand Diesel, starting from February.
OTB - Only The Brave - owns a string of street and high-end European labels including Maison Margiela, Marni and Paula Cademartori. Diesel is its biggest brand and was set up over 40 years ago by OTB's founder Renzo Rosso.
Piombini was CEO of France's Balmain for almost three years. He was previously Commercial Director for Italian maison Valentino and worked for high-end Swiss leather goods brand Bally, jeweler Bulgari and fashion label Gucci.
He will replace Marco Agnolin.
"Diesel is a unique brand... and a company that I recently took back to its roots, (it) is already giving very positive results. I wish Massimo fuels its engine and takes it where it deserves to be", Rosso said in a statement.
OTB sales fell to 1.4 billion euros last year, weighed down by Diesel's weak performance in Europe and North America.