International fashion group OTB has announced that the acquisition of Jil Sander, announced on March 5, has been completed. The sale price remains confidential.
Jil Sander joins Diesel, Maison Margiela, and Marni under the OTB (Only The Brave) Group, chaired and founded by Italian entrepreneur Renzo Rosso. This acquisition continues OTB’s expansion as one of Italy’s leading luxury hubs.
The group now controls 100 percent of the capital of Jil Sander, formerly owned by the Japanese group Onward Holding. Onward bought the Jil Sander brand for about $244 million in 2008. Last month, Onward announced in a Tokyo Stock Exchange release that the subsidiary recorded a loss of 17.8 million euros ($21.22 million) in the year through February 2020.
In a recent statement about the acquisition, Onward Holding revealed how “the global epidemic of COVID-19 infections has further worsened the business environment overseas, particularly in Europe, and has had a strong impact on the financial results of Onward Group.”
Founder Jil Sander left her namesake fashion house for good in 2013 after previously parting ways numerous times, beginning in 2003. She has since been developing a new line with Uniqlo.