Italian fashion group OTB has added two new members to its board of directors. They are Arabella Ferrari of Intercos and Carlo Purassanta of Microsoft, who will contribute their know-how in the beauty and IT sectors.
Italian fashion group OTB, which owns brands including Maison Margiela, is keeping its 2020 revenue target for now, despite a recent slowdown caused by the coronavirus epidemic, its chief executive said.
Renzo Rosso’s fashion group has announced it will give all its subsidiaries, besides Staff International, the possibility of providing financial backing to their suppliers, a further potential pool of 400 companies.
A few days after Massimo Piombini’s departure from Balmain was made official, his new professional challenge has been revealed: he will become the CEO of the OTB group’s leading label, Diesel, in February 2020.
Italian fashion group OTB is planning to invest 200 million euros ($226 million) over the next three years, potentially in acquiring other brands, after boosting its financial strength in 2018, it said on Monday.
OTB, the holding company of Italian fashion billionaire Renzo Rosso, quadrupled its Earnings Before Interest and Tax (EBIT) to €21.5 million in 2017. Though total group revenue slid 2.4 percent over the same 12 months.