Italian fashion group OTB opens subsidiary in Mexico
OTB has stepped up a gear in Latin America. The Italian fashion group, owner of denim label Diesel and of luxury labels like Viktor & Rolf and Maison Margiela, has set up a subsidiary in Mexico in order to consolidate its presence 'in another major North American country, besides the USA and Canada,' as OTB stated in a press release.
In 2024, OTB created a corporate entity in the country's capital, Mexico City, the focus of its local operations and main investments. The newly created company's goal is to oversee the operations and direct retail expansion in Mexico of the Diesel, Jil Sander, Marni and Maison Margiela labels, including the latter's contemporary line, MM6.
OTB has also inked a partnership deal with luxury department store chain El Palacio de Hierro, a household name in Mexico, a group that is over a century old and owns 31 stores. OTB is keen to expand in states like 'Guadalajara, Monterrey, León, Cancún, Puebla and Querétaro, by opening monobrand stores and concessions.'
In Mexico, it's aiming to grow its online and offline retail footprint, and to intensify its marketing activity. The group is set to open approximately 50 new stores in the next five years, 15 of them scheduled in 2025.
In 2024, OTB generated revenue of €1.8 billion, down 5.2%. Its sales in Asia slumped, except for Japan, but they grew by 13.3% in North America. Establishing a corporate presence in Mexico is proof of OTB's desire to find new markets, while maintaining its momentum in regions where its performance is stronger. OTB has struck a joint-venture deal with the Chalhoub group in the Middle East, where it is already present, to step up the pace of its retail expansion in the region.
'Mexico is an influential creative and cultural country with its own distinctive style and vibrancy. Establishing a direct presence for our group in the region is a key step in the growth path of our brands, and in building a closer, more authentic connection with local customers and this amazing country,' said Rosso, founder and president of OTB.
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