OTB sales surge: Italian fashion conglomerate OTB, the renowned Italian fashion conglomerate, announced on Friday a remarkable 12.4 per cent increase in net sales for the fiscal year 2023, driven by a combination of strategic new store openings and a significant resurgence in its Diesel brand.

According to reports from Reuters, the family-owned group saw its net sales soar to €1.8 billion in 2023, buoyed by robust performances in Asia and strong sales figures from luxury brands like Jil Sander and Maison Margiela. The company also experienced a noteworthy rebound in North America, while maintaining stable performance levels in Europe.

The turnaround in Diesel's fortunes was particularly noteworthy, with turnover for the brand increasing by 13 per cent at constant exchange rates. This surge in revenue was attributed to the successful execution of a well-consolidated repositioning strategy.

In a strategic move aimed at expanding its global footprint, OTB invested in the opening of 76 new stores last year, with a keen focus on key markets for international expansion such as South Korea and the United States. Notably, the company launched an impressive 30 new stores in China alone, underscoring its commitment to capitalising on the burgeoning Asian market.

Despite these investments, OTB reported a robust core profit of 348 million euros for 2023, up from 314 million euros the previous year. Ubaldo Minelli, Chief Executive of OTB, expressed satisfaction with the company's performance, noting that it aligns closely with the objectives outlined in the group's strategic plan. Minelli emphasised the importance of developing direct channels and further penetrating Asian markets as key drivers of future growth.

(With Reuters inputs.)