Japan's Onward to sell Jil Sander to luxury group OTB

Onward Holdings

05/03/2021 08:07

TOKYO, March 5 (Reuters) - Japanese apparel group Onward
Holdings  8016.T  is selling its Jil Sander brand to OTB, the
Italian luxury conglomerate that also owns labels such as Maison
Margiela and Marni.
    Onward, which depends heavily on sales at Japanese
department stores and has struggled with pandemic-related store
closures and weak consumer spending, said it aimed to shore up
its finances by exiting the unprofitable Jil Sander business.
    
    
    

 (Reporting by Ritsuko Ando
Editing by David Goodman
)
 ((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))