Italian fashion major Marni has announced the appointment of Stefano Biondo to chief executive officer, effective 15 May 2018.
The OTB Group-owned luxury label poached Biondo from eyewear company Safilo, where he served as chief brand officer.
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He succeeds Ubaldo Minelli, who was promoted to CEO of OTB in January. Biondo will report directly to Minelli.
In speaking with WWD, Minelli expressed his confidence in Biondo’s helming of the Marni brand, which has been under management reconstruction globally.
“Marni has a precise and recognisable identity with incredible potential for growth,” said Minelli.
“In recent years, we have built a solid foundation for the brand’s future and it is now on the launchpad for true development and success.”
One of the biggest turning points for the label was in 2016, when Marni appointed a new creative director, Francesco Risso, to replace Marni founder, Consuelo Castiglioni.
In 2017, Marni’s turnover exceeded 180 million euros, experiencing double-digit growth worldwide, especially in Asia.
It also highlighted a growth in accessories, specifically handbags, which soared on some 90% in certain markets. Millennial sales were also up, said OTB.
Marni is present in 54 countries with a wholesale channel of 470 stores and 70 mono-brand stores, with 22 boutiques operated with local partners. Most recently, Marni opened a flagship store in Florence, with several planned for China.
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In 2017, the OTB group quadrupled its Earnings Before Interest and Tax (EBIT) to €21.5 million, despite suffering a 2.4 percent decline in group revenues
OTB controls Marni, Diesel, Maison Margiela, Viktor & Rolf, Paula Cademartori, Staff International and Brave Kid.