Initially planned for early 2025, the announcement of OTB Group's IPO, which had stirred the Italian financial market, will now be delayed by two years. CEO Renzo Rosso is taking a cautious approach in light of the challenging economic environment for the luxury sector.
The Italian fashion group OTB (Only the Brave), owner of Diesel, Maison Margiela, Marni, and Jil Sander, confirms its IPO on the Milan Stock Exchange, but the project is postponed to 2026.
According to his statements at a fashion event in Rome on May 29, Renzo Russo, the eclectic businessman leading the group, decided to wait. The CEO asserted that "being listed on the stock exchange will allow the group more transparency" while specifying that "it will be necessary to wait for the right moment; the figures must meet investors' expectations."
The numbers seem to favor Renzo Rosso: in 2023, the group achieved sales of 1.9 billion euros, a growth of 10.2% compared to the previous year's results. Rosso has been discussing a potential IPO since March 2023, when the latest financial reports showed 1.7 billion in sales, a 14% increase from 2022.
In recent years, OTB has pursued a strategy of targeted acquisitions to attract more investors. In 2015, Rosso acquired the fashion house Marni, founded in 1994 in Vicenza (Veneto), of which the Italian group had already held 60% of the capital for two years. In 2021, the Milanese house Jil Sander was acquired, and in March of this year, OTB bought a majority stake in the luxury shoe company Stephen. These brands have enriched OTB's portfolio, which already includes several prestigious houses: Diesel, founded by Renzo Rosso in 1978—the first brand to transform jeans into a luxury product—the French house Margiela, and Viktor & Rolf.
Several factors could explain Rosso's decision to delay the IPO: a potential slowdown in the first quarter of 2024 (the results for this period have not been published, but the CEO mentioned a "quiet start to the year" during the Altagamma day held on May 29) or simply the observation of a deceleration in the luxury market, impacted negatively by inflation in various countries' economies. However, according to some analysts, the luxury market is expected to regain its cruising speed within two years.
Meanwhile, OTB is trying to enhance its group identity by investing more in sustainability actions. As a result, its carbon emissions have decreased by 20% over the past four years. On Earth Day in April, Renzo Rosso also mentioned "possible new acquisitions in view."
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