OTB to Receive 50M Euros From Italian State
● Previously, Cassa Depositi e Prestiti, which is controlled by the Italian Ministry of Economy and Finance, invested in Liu Jo.
MILAN — Another Italian fashion company is getting support from the Italian state.
Cassa Depositi e Prestiti, a company controlled by the Italian Ministry of Economy and Finance, said on Wednesday it is supporting the growth of Renzo Rosso’s OTB with a funding of 50 million euros.
OTB, which controls the Diesel, Maison Margiela, Marni and Viktor & Rolf brands, as well as manufacturing and distribution firms Staff International and Brave Kid, closed 2019 with revenues of 1.53 billion euros and a net financial position of 124 million euros. In addition, in 2019, OTB also acquired a minority stake in Amiri.
“CDP intervention represents a concrete contribution to the growth of OTB, in Italy and abroad,” said Nunzio Tartaglia, head of CDP Imprese division. “The operation confirms, especially in this complex phase and in the sectors most significantly hit by the pandemic, the key role of Cassa Depositi e Prestiti for the support of the most important Italian groups, which operate on a global scale and which have to make relevant investments to continue innovate, grow and increase their international presence.”
Last Friday, Cassa Depositi e Prestiti announced a 15 million investment in contemporary fashion company Liu Jo Spa, which generates sales of about 400 million euros and employs 800 people.
Back in July, Italy’s Ministry for Economic Development decided to invest 10 million euros in storied men’s wear brand Corneliani, which a month earlier had submitted an application for admission to a composition with creditors procedure. The funds were channeled into safeguarding Corneliani’s continuing operations.
The state intervention falls under the Re-Launch Decree, developed by the Italian government to support the restart of the country after the COVID-19 pandemic and which includes the creation of a fund to support companies during the crisis.