Italian Group OTB Reports Downturn in Sales for Full Year 2024
Luxury conglomerate OTB, which owns top brands such as Maison Margiela, Diesel, Jil Sander, Marni, and Viktor & Rolf, has announced a decrease in sales for the full year 2024. The group reported a turnover of $1.88 billion USD and an overall decrease of 4.4% in sales across all brands.
Individual brands within the group, such as Margiela and Diesel, saw increases in sales with growths of 4.6% and 3.2%, respectively. However, these successes were not enough to offset the struggles faced by other brands like Jil Sander and Marni, which experienced larger wholesale losses.
Despite the overall downturn, OTB did see a boost in direct retail sales with a 7.4% increase and the opening of 61 new stores in the last year. While sales were down in China, the group’s strongest markets were in Japan and the US, with increases of 16.3% and 13.3%, respectively.
Shakeups and Changes at OTB Brands
As the luxury industry continues to face challenges, OTB has also experienced shakeups within its top brands. Jil Sander recently announced the appointment of former Fendi chief executive Serge Brunschwig as the label’s CEO and OTB’s new Chief Strategy Officer.
In the past year, both Margiela and Marni have also seen new CEOs, while Diesel’s CEO position remains vacant after Eraldo Poletto’s departure after only seven months. Additionally, creative director John Galliano left Maison Margiela in December 2024 after a decade with the brand. His departure was confirmed following the success of the house’s Spring 2024 Artisanal collection, and rumors have been circulating about his next move.
Glenn Martens, a top contender for the creative director position at Margiela, has been appointed as the brand’s new creative director. Martens, who recently left Y/Project after 11 years, will also continue as the current creative director of Diesel. Diesel’s Fall/Winter 2025 collection will be shown at Milan Fashion Week on February 26 at 14:00 CEST. Stay tuned for updates on all MFW shows!
