Italy's OTB does not rule out further acquisitions after Jil Sander deal (updated)
20/05/2021 10:42
(Adds details, quotes)
May 20 (Reuters) - Italian fashion group OTB does not rule
out further acquisitions after buying German label Jil Sander
earlier this year, its founder and Chairman Renzo Rosso said on
Thursday, adding he saw more opportunities as a result of the
pandemic.
OTB - which stands for Only The Brave - owns brands
including Diesel, Maison Margiela, Marni and Viktor&Rolf and
took over Jil Sander from Japanese retailer Onward Holdings
8016.T in March. urn:newsml:reuters.com:*:nL2N2L30MZ
"We are a solid group. In this particular moment, especially
after the pandemic, companies that do not have a strong
structure need to team-up", Rosso told the Financial Times
Luxury Summit, adding he saw it as a big opportunity for OTB and
other groups that do not have enough cash to invest in growth.
Rosso added OTB's interest was in contemporary brands,
consistent with its spirit of being what he described as an
"alternative luxury group".
He said OTB was focused on turning around Jil Sander, which
has not been profitable for many years.
"The creative side is fantastic; there are tremendous
opportunities to grow in the online business and in the U.S. and
Chinese markets," he said.
Rosso, 65, said he hoped his group would fully recover from
the impact of the coronavirus pandemic this year, but it would
depend on the evolution of the health emergency.
And "if one day" he decides to retire, he's happy to leave
the group to the family's next generation and was confident in
and proud of his current management team, he added.
(Reporting by Claudia Cristoferi; editing by Agnieszka Flak)
((Claudia.Cristoferi@thomsonreuters.com; +39 3480848422;))