NATIONAL: The Australian licence for global power brand Diesel is set to change hands.
Business partners Lisa Keighery and Theo Onisforou today announced they will sell the domestic licence for Diesel. This follows a recent move to realign pricing for the Australian market, with Onisforou and Keighery discounting Diesel products by up to 20 per cent in a bid to quash competition.
Onisforou desribed the sale as a "highly emotional decision given the length of our relationship with [Diesel]."
“The Diesel business is well established in Australia, we have four stand alone retail stores in Sydney and Melbourne plus a strong national wholesale business including a strategic association with David Jones, strong distribution through Glue Stores and independents.
“The business’ pricing strategy has recently been re-aligned to reflect the Australian market and the brand is set for further growth.
“We have the support of Diesel Italy and our key focus is to ensure the successful company is the right fit for Diesel and has a proven licence brand management record.”
The late Mark Keighery, founder of unisex fashion chain Marcs, first brought Diesel to Australian shores some twenty years ago. According to Onisforou, Keighery shared a cab in New York with "little known Italian Renzo Rosso" which later sparked Diesel's first international license agreement.
For more, pick up a copy of the May 7 edition of Ragtrader magazine.