MILAN, Feb. 10 (Class Editori) — OTB Group, owned by entrepreneur Renzo Rosso and led by CEO Ubaldo Minelli, presses the accelerator of growth and aims with determination to achieve results on Asian markets and the US. However, it will be China, in particular, to absorb the greatest effort because, throughout the next three years, the Maison plans to open 150 new stores, which will be added to the current 80 scattered around 16 cities, bringing the Group that controls the brands Diesel, Marni and Maison Margiela to have one of the largest networks of fashion stores among Western brands.
The goal is to reach 1 billion in revenues in the former Celestial Empire alone, investing heavily in people, as well as physical and digital spaces. In the coming days, the first step will be the opening of 4 stores in Shanghai. The Group from Veneto, which last year had a turnover of 1.4 billion euros with a growth of 18% compared to 2020, is going through a particularly positive phase, also from the income statement point of view, closing the year with a record liquidity of 383 million euros.
"We are satisfied with the 2021 results. Our ambition, in line with the strategic plan to 2024, is to grow by 20% year on year. That would be to say double what analysts estimate for our industry," Ubaldo Minelli told MFF. The future strategy, continued the CEO, rests on two pillars. On the one hand, there will be a focus on Asian markets — i.e., China and Korea, net of Japan, which is already worth a quarter of revenues — and North America. On the other, the strengthening of direct channels, i.e., physical and online points of sale.
"We are also considering listing to raise capital and strengthen growth. And we want to acquire new brands if there are the right conditions," the CEO of Renzo Rosso's Group added.
Over the past 12 months, 38 new stores have been opened and e-commerce has been strengthened. The performance of OTB's luxury brands have driven the results, which recorded an important increase on both 2020 (+49%) and 2019 (+55%), exceeding pre-pandemic levels. Maison Margiela (+25% on 2020) had an overall increase of 107% over the three-year period 2019-2021. Jil Sander was able to reach operational break-even and generate cash flow in just nine months.
"With its timeless garments, it is an icon in the luxury world and we want to improve its positioning in the high luxury segment, without changing those distinctive traits making it unique and famous worldwide," Rosso pointed out referring to the brand. In addition to Asia, the Group has strengthened its organization in North America, by appointing Eraldo Poletto at the head of Diesel’s North American business.
Considering these results, OTB Group has recently improved its 2022-2024 strategic plan, confirming ambitious goals in the organic growth for the future. "We want to keep strengthening our role as an international hub of unconventional fashion and luxury, the brave & alternative luxury group, opening up to other brands that can embrace our philosophy," Renzo Rosso stated.
(Source:Class Editori)
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