MILAN — OTB founder Renzo Rosso had an additional skip in his step on Friday, as he proudly revealed his group has stayed true to the values of solidarity and “founding values” throughout the COVID-19 pandemic, whereas rising on the identical time and anticipating to achieve revenues of 1.5 billion euros by the top of the 12 months.
A lot so, that he revealed the preliminary public providing, which he just lately hinted at, is now anticipated to happen in 2024.
“This can be a good second for OTB and we count on a lovely 2022, particularly within the high-end vary,” Rosso stated throughout a lunch on the Jil Sander headquarters, flanked by the group’s chief government officer Ubaldo Minelli, who added that the group’s gross sales are up 21 % in contrast with September final 12 months and again to 2019 ranges.
This 12 months, the corporate expects an EBITDA margin of 18.5 % and an working revenue of 8 %.
Rosso stated that whereas the gorgeous and modern showroom overlooking Milan’s medieval Castello Sforzesco served the aim of the assembly, he was wanting to lastly determine the potential location of OTB’s headquarters in Milan, almost definitely within the new Scalo Porta Romana space, close to Fondazione Prada. As reported, the strategic former railway yard masking 20 hectares, or virtually 50 acres, is ready for a significant revamp that may probably embody a highline crossing the realm from west to east and lodging for the Olympic and Paralympic athletes competing within the 2026 Winter Olympic Games to be held in Milan and Cortina d’Ampezzo.
Rosso enthused concerning the rising significance of Milan, which he sees as quickly changing into “the capital of Europe” and stated he hoped to have the ability to reveal the location of the brand new OTB headquarters on the finish of January.
“We have now a number of actual property tasks within the pipeline,” Rosso stated, particularly for Jil Sander — the primary retailer in Shanghai will open at Plaza 66 in January. OTB has additionally acquired the location of the present flagship in Milan, in Through Verri, which will probably be totally renovated with a brand new idea.
“At this time, Jil Sander is a Milanese model,” he underscored, and as such it needs to be nicely represented within the metropolis, he contended.
Gross sales of the spring 2022 Jil Sander males’s put on assortment have been up 80 % and the ladies’s assortment was up 32 %, he stated proudly. OTB acquired Jil Sander, which is designed by Luke and Lucie Meier, in March.
Like-for-like gross sales for the model have been up 51 %, he stated. “We count on Jil Sander to interrupt even — and even earlier than 2022,” Rosso stated. There are 34 current Jil Sander shops and Rosso is planning to open a brand new boutique in New York quickly.
Minelli stated the corporate put in place “structural interventions” that have been meant for the following three years and that have been accelerated by the pandemic. “We’ve at all times had a constructive internet monetary place, however, after dropping to 25 million euros in 2020, this 12 months, we’ll report it’ll attain 300 million euros,” he stated.
The manager and Rosso stated they labored with their wholesale accounts, about 2,000 shoppers, to defer funds throughout the pandemic. The wholesale channel accounts for 40 % of gross sales. Rosso additionally stated managers donated their holidays and likewise taxed themselves on a voluntary foundation to assist these staff that wanted assist throughout the well being emergency. OTB staff whole 6,500, of which 2,200 are in Italy.
Rosso additionally pointed to the significance of the net channel, which for Diesel accounts for 15 % of gross sales, via the direct platform and for 15 % via oblique gross sales.
https://wwd.com/business-news/monetary/renzo-rosso-solidarity-growing-otb-1-5b-group-ipo-1234995895/ | OTB Founder Renzo Rosso on Solidarity, Reaching 1.5B Gross sales and IPO – WWD