OTB, the Breganze-based group behind Diesel, Jil Sander, Maison Margiela, Marni, and Viktor&Rolf, reported a turnover of €1.8 billion ($1.88 billion) for the full year 2024, down 4.4 percent largely due to the wholesale downturn.
While the group’s smaller, wholesale-driven labels saw sales decrease, positive performances were recorded for flagships Maison Margiela, with sales up 4.6 percent, and Diesel, which saw its repositioning strategy bear fruit with a 3.2 percent growth.
Diesel creative director Glenn Martens moved over to Paris-based Margiela in January, succeeding John Galliano. Galliano’s final runway for the brand’s “Artisanal” haute couture line had pushed awareness of Margiela to new heights in 2024.
OTB’s direct retail sales grew 7.4 percent, boosted by 61 new store openings. “Despite wholesale declines, our focus on direct channels and brand strength positions us for continued growth,” CEO Ubaldo Minelli said.
Japan and North America were the strongest markets, growing 16.3 percent and 13.3 percent, respectively. OTB entered the Mexican market with plans for 50 store openings over five years, including 15 this year. A joint venture with Chalhoub Group was established to bolster its luxury brands’ presence in the Middle East.
“Strengthening our footprint in Japan, the US, and expanding in Mexico and the Middle East sets a solid foundation for 2025 and beyond,” Minelli said.
The declining sales could further stymy founder Renzo Rosso’s IPO plans. The family-held group had previously hoped to seize on luxury’s post-pandemic euphoria to go public, but last fall the listing was pushed out to at least 2026.
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Former Fendi Chief to Lead Jil Sander
The veteran LVMH executive Serge Brunschwig will become chief strategy officer at Jil Sander owner OTB Group as well as the label’s CEO.
