Maison Margiela and Diesel Made 2023 a Year of Strong Growth for the Company
OTB Group reported robust financial performance, with full-year revenue reaching €1.9 billion, marking a 10.2% increase compared to 2022. Net sales surged by 12% to €1.8 billion, driven by growth in direct-to-consumer channels, a successful turnaround at Diesel, and strong performances from luxury brands such as Maison Margiela and Jil Sander.
“I am proud of what we achieved in 2023; it was a challenging year, but our brands continued to grow in all markets, not just key locations like the USA, China and Japan, a historic market for us, but also in new areas like South Korea, which is performing very well, and other Asian markets,” OTB Group founder and chairman Renzo Rosso said in a statement.
Asia-Pacific emerged as a significant revenue contributor, accounting for 40% of total revenue. OTB expanded its presence in the region by opening 30 new stores, particularly in China, Japan, and South Korea. Maison Margiela experienced notable growth, with sales up by 23% compared to the previous year, driven by increasing consumer demand in Asia.
Jil Sander and Marni also reported strong sales growth, with Jil Sander’s sales up 17.3% year-on-year and Marni returning as part of the official Milan Fashion Week calendar after a successful fashion show in Paris.
The Diesel brand, under the creative direction of Glenn Martens, witnessed a turnaround with a 13% increase in sales. Key drivers of growth included Diesel’s 1dr bag and its women’s collection, attracting a significant portion of Gen Z consumers.
“Young consumers appreciate the fact that our brands often take an opposite approach to the market, focusing largely on the look and quality of their products and continuing their mission to make fashion a dream. A mission we would not achieve without the excellence of our great supply chain, where we have established collaborations and partnerships, and of ‘Made in Italy’,” Rosso said in a statement.
Looking ahead, OTB remains committed to strategic investments, including acquisitions and partnerships, to achieve its ambitious goal of reaching €3 billion in revenue. Plans for an initial public offering on the Milan Stock Exchange are underway, with preparations aimed at enhancing transparency and aligning with industry standards.
Financially, OTB reported an EBITDA of €348 million in 2023, representing a margin of 19.6% on sales, and a net financial position of €60 million as of December 31. The group also approved a €40 million investment in restructuring its Enterprise Resource Planning system, reflecting its commitment to operational efficiency and future growth.
