Italy fashion group OTB posts 2021 revenue bounce back to pre-pandemic levels

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FILE PHOTO: FILE PHOTO: A model presents a creation for Viktor & Rolf fashion house during Paris Fashion Week

MILAN – Italian fashion company OTB said on Thursday that last year’s 16% rise in revenue to pre-pandemic levels would boost its organic growth plans after the group bought German label Jil Sander last year.

The family-owned company confirmed its 2022-2024 growth strategy, saying it was a fundamental condition for its possible plan to a market listing and adding that it would pursue the “ambitious business plan with greater impetus”.

“Growth is one of the key points on the path which will bring the group to assess a possible opening towards the capital markets,” the company said in a statement.

OTB chairman and founder Renzo Rosso and Chief Executive Ubaldo Minelli said in November they expected the company would continue to grow, reaching a size which would be more suitable for a listing by 2024.

Last year’s revenue totalled 1.53 billion euros ($1.75 billion), in line with 2019, driven by strong sales in Asia Pacific and North America.

OTB, which stands for Only The Brave and owns brands such as Diesel, Maison Margiela, Marni and Viktor&Rolf, said net profit jumped to 142 million euros last year from 1 million in 2020.

($1 = 0.8740 euros)

(Reporting by Sabina Suzzi, Editing by Kirsten Donovan)