Italy's OTB expects to accelerate creation of luxury hub
30/04/2021 11:20
ROME, April 30 (Reuters) - The pandemic opened a new chapter
in terms of M&A and Italy's OTB expects to accelerate its
long-time project to create an Italian luxury hub, the chief
executive of the fashion group said on Friday.
The group, which owns brands including Diesel, Maison
Margiela, Marni and Viktor&Rolf, bought German label Jil Sander
from Japanese retailer Onward Holdings 8016.T in March.
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CEO Ubaldo Minelli said the company was not only looking at
acquiring fashion brands, but also at possibly buying firms in
the production and distribution sectors.
"The company has all the tools - financial, organisational,
managerial and from a capitalisation point of view - to press on
with our project", Minelli said at an online conference.
The chief executive explained that the Sander acquisition
was part of OTB's aim - "which starts way back" - to create a
large portfolio of luxury brands, "something that many have
tried but that only (OTB founder) Renzo Rosso has managed to
do".
The coronavirus crisis led to an unprecedented fall in
fashion and luxury sales last year due to months of forced shop
closures in all major markets and a slump in tourism following
travel bans worldwide.
But the sector has also seen major investment and M&A deals,
including the acquisition of a 24% stake in shoemaker Louboutin
by Agnelli's holding company Exor EXOR.MI , and luxury down
jacket maker Moncler buying smaller Italian high-end brand Stone
Island.
In March Minelli told Reuters that even without
acquisitions, OTB's business plan to 2023 would still forecast
annual sales increases in line with pre-pandemic guidance of 12%
to 13%, thanks to strong growth in Asia and soaring online
sales.
(Reporting by Giulia Segreti; Editing by Kirsten Donovan)
((Giulia.Segreti@tr.com; +39.06.80307714;))