Retail in Asia

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Maison Margiela owner OTB clocks 7 percent sales uptick in 2023, APAC soars 74 percent

OTB Group reported a turnover of EUR 1.9 billion (USD 2.05 billion) in 2023, up 10.2 percent, as the owner of Maison Margiela and Diesel brands saw Asia-Pacific sales skyrocket by high double-digits.

SEE ALSO: Italian fashion group OTB plans to accelerate business in China

The Italian luxury firm, which also owns the Marni, Viktor&Rolf and Jil Sander brands, said net sales for the year ending December 31, 2023, reached EUR 1.8 billion, up 12.4 percent.

By region, Asia turnover surged 74 percent, held up by Japan which reported a 19.4 percent increase.

During the twelve months, OTB said it continued to expand and develop its international markets such as within Asia-Pacific countries, including China, where it opened 30 new stores during the year. Overall, the Asian markets represented more than 40 percent of total turnover, it added.

“Our results match the objectives set by the group strategic plan, whose main growth targets are development of the direct channels and greater penetration of the Asian markets,” added OTB Group CEO Ubaldo Minelli.

In 2023, the group returned to growth in North America, while performance in Europe remained stable.

The group’s direct channels recorded a 33.8 percent growth, driven by increased sales in existing stores and by 76 new openings, as a result of which the retail network had a total of 610 direct sales outlets at the end of 2023.

“I am proud of what we achieved in 2023; it was a challenging year, but our brands continued to grow in all markets, not just key locations like the USA, China and Japan, a historic market for us, but also in new areas like South Korea, which is performing very well, and other Asian markets,” said OTB Group founder and chairman, Renzo Rosso.