The financial impact of the global COVID-19 pandemic and various lockdown measures continues to be felt across the fashion industry. OTB, the conglomerate that owns labels including Diesel, Marni and Maison Margiela, has announced that its overall consolidated turnover dropped by 14% (down to approximately $1.6 billion USD) during 2020.
Despite this financial picture, not all of the conglomerates brands have underperformed during this time. A particular stand-out is Maison Margiela, which saw revenues rise by 20% over the same period, driven by growth across all regions and channels.
2020 saw Maison Margiela release a number of strong collaborations, helping it to outperform its stablemates at OTB. These releases include a Fall/Winter 2020 capsule with The North Face through its MM6 line, as well as a series of sneakers designed alongside Reebok.
Overall, OTB has improved its net financial position over the past year. With this in mind, the Renzo Rosso-founded group is beginning the search for new acquisitions including Jil Sander, after the company confirmed it was “interested” and “conducting due diligence” last month.
In other business news, LVMH has announced plans to close Rihanna’s Fenty label.