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Despite macroeconomic conditions that challenged players across the luxury industry, sales for Milan-based OTB Group rose 10.2 percent year-over-year to €1.9 billion ($2 billion) in the financial year 2023, ended Dec. 31. Earnings before interest, taxes and depreciation was €348 million, up 10.8 percent from 2022. The rally was led by the group’s flagship brands: Jil Sander, Diesel and Maison Margiela, and by improvements in the crucial Asia market — where sales were up 74 percent.
Fresh off designer John Galliano’s blockbuster couture show, which strengthened the brand’s positioning, the company said in the report, Maison Margiela posted a 23 percent rise in sales from 2022. Sales were up 13.1 percent at Diesel, in the midst of an ongoing brand turnaround led by designer Glenn Martens. The group highlighted young consumers’ affinity for Diesel: Gen-Z now makes up 35 percent of its customer base.
Jil Sander sales grew 17.3 percent. Sales at Marni — which announced plans to launch beauty on Feb. 6, inking a 20 year cosmetics, skincare and fragrance licensing deal with Coty — grew sales 8.6 percent in 2023. In a bid to grow international awareness, Marni has shown its last few collections in New York, Paris and Tokyo, but will return to Milan for Fall/Winter 2024.
Over the course of the year, the Italian fashion group made moves to strengthen its supply chain and technological capabilities. The group acquired Florentine leather goods manufacturer Frassineti, a longtime supplier to Jil Sander in May 2023, and launched an AI training program for managers aimed at “exploiting the potential of artificial intelligence from the design stage of any project or process.”
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The Milan-based fashion group also opened 76 new stores — including 15 for Diesel and 24 for Maison Margiela.
OTB is eyeing an IPO in 2024 or 2025.
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