The Italian fashion group OTB recorded sales of 1.8 billion euros for the 2024 financial year, which means a decrease of 4.4 percent. The net turnover reached 1.7 billion euros, a minus of 3.1 percent. The company achieved an EBITDA of 276 million euros, which corresponds to a return of 16.3 percent of net sales. The EBIT was 44 million euros.
Direct sales recorded growth of 7.4 percent compared to 2023, driven by higher sales in existing shops and the opening of 61 new locations. The network expanded to a total of 608 own shops by the end of 2024.
“I am satisfied with the results of 2024, even if it was a challenging year for the entire luxury industry. We have continued our strategy of expansion of direct sales channels in which we have achieved positive results. However, we recorded declines in wholesale that had a negative impact on the entire industry, ”said Renzo Rosso, founder and chairman of the OTB Group.
Within the company’s brand portfolio, Maison Margiela recorded a positive development with growth of 4.6 percent, while the turnover of diesel rose by 3.2 percent. From a geographical point of view, Japan and North America showed strong growth with 16.3 percent and 13.3 percent. Japan remains the most important market for OTB and accounts for 26 percent of the total business.
OTB looks optimistically into the future
The most important highlights of the year included the OTB joint venture agreement with the Chalhoub Group to strengthen the direct presence of its luxury brands in the Middle East and the entry into the Mexican market. The opening of around 50 new shops is planned over the next five years, including 15 in 2025.
Via Staff International, OTB also acquired a majority stake in CalzaturiFicio Stephen, a long-time supplier and manufacturer of high-end shoes for the group. This is followed by a majority stake in Frassineti, a Florentine leather goods company, in 2023.
“2024 was a complex year for the entire luxury industry. In this challenging environment, we have taken a path of consolidation and expansion for the group, both by investing and by strengthening our management structure. This enables us to look optimistically into the future, ”added Ubaldo Minelli, CEO of the OTB Group.
This article was previously published on fashionunited.com and was used with digital tools translated.
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