Renzo Rosso revealed the initial public offering, which he recently hinted at, is now expected to take place in 2024.
“We have several real estate projects in the pipeline,” Rosso said, in particular for— the first store in Shanghai will open at Plaza 66 in January. OTB has also acquired the site of the existing flagship in Milan, in Via Verri, which will be entirely renovated with a new concept.
“Today, Jil Sander is a Milanese brand,” he underscored, and as such it should be well represented in the city, he contended. Sales of the spring 2022 Jil Sander men’s wear collection were up 80 percent and the women’s collection was up 32 percent, he said proudly.Like-for-like sales for the brand were up 51 percent, he said. “We expect Jil Sander to break even — and even before 2022,” Rosso said. There are 34 existing Jil Sander stores and Rosso is planning to open a new boutique in New York soon.
Minelli said the company put in place “structural interventions” that were meant for the next three years and that were accelerated by the pandemic. “We’ve always had a positive net financial position, but, after dropping to 25 million euros in 2020, this year, we’ll report it will reach 300 million euros,” he said.
The executive and Rosso said they worked with their wholesale accounts, about 2,000 clients, to defer payments during the pandemic. The wholesale channel accounts for 40 percent of sales. Rosso also said managers donated their holidays and also taxed themselves on a voluntary basis to help those employees that needed help during the health emergency. OTB employees total 6,500, of which 2,200 are in Italy.
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