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Italian fashion group OTB aims to list in 2024 - Chairman

·1-min read
FILE PHOTO: Renzo Rosso, the founder of Diesel, poses during an interview with Reuters in the showroom of Maison Martin Margiela fashion house in Paris

MILAN (Reuters) -Italian fashion group OTB aims to list in 2024, its chairman and founder Renzo Rosso said on Friday.

Rosso and OTB's Chief Executive Ubaldo Minelli told journalists they expect the company to continue to grow, reaching a size more suitable for a listing by that time.

Meanwhile Rosso said the family-owned company, which bought German label Jil Sander earlier this year, aims to make further acquisitions.

"We would like to make new M&A deals but beautiful things are not up for sale at the moment," Rosso said, adding that some owners are waiting for post-pandemic results in order to get better valuations when selling their groups.

OTB, which stands for Only The Brave and owns brands such as Diesel, Maison Margiela, Marni and Viktor&Rolf, targets a turnover of more than 1.5 billion euros ($1.72 billion) this year, up more than a fifth from pandemic-hit 2020. The core profit margin is seen at 18.5% with a positive net financial position of more than 300 million euros, Rosso said.

Jil Sander is expected to break even in 2022, Minelli said, although he did not rule out that happening already this year.

($1 = 0.8746 euros)

(Reporting by Elisa Anzolin, editing byn Kirsten Donovan)

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