Luxury group reports a 4.4% drop in annual revenue.
OTB, the Italian luxury group that owns Maison Margiela, Diesel, Jil Sander, Marni, and Viktor & Rolf, has reported a 4.4% decline in total sales for 2024. The group’s revenue for the year stood at $1.88 billion USD, reflecting the broader struggles faced by the luxury fashion industry.
Mixed Performance Across Brands
While Maison Margiela and Diesel showed signs of growth, with sales increasing by 4.6% and 3.2% respectively, other brands like Jil Sander and Marni struggled due to wholesale losses. Despite the overall dip, OTB saw an increase of 7.4% in direct retail sales, with the opening of 61 new stores in 2024.
Regional performance also varied, with China showing weak sales, while Japan and the U.S. performed well, recording 16.3% and 13.3% growth, respectively.
Leadership Changes and Creative Shakeups
Like many luxury groups, OTB has seen major leadership changes recently:
- Jil Sander appointed Serge Brunschwig, former Fendi CEO, as its new chief executive.
- Margiela and Marni both saw CEO changes in 2023 and 2024.
- Diesel is still without a CEO after Eraldo Poletto left the role after just seven months.
One of the biggest changes came in Maison Margiela, where John Galliano stepped down as creative director after a decade with the brand. His exit followed the critically acclaimed Spring 2024 Artisanal collection.
The brand has now named Glenn Martens as Galliano’s successor. Martens, who recently left Y/Project, will continue his role as Diesel’s creative director while leading Margiela.
What’s Next for Diesel?
Diesel is set to present its FW25 collection at Milan Fashion Week on February 26 at 14:00 CEST. Check back next week for full coverage of the show and more MFW updates!
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