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Italian fashion group OTB increased its stake in fashion house Viktor&Rolf to 70% with the remaining 30% equally split between the founders of the Dutch brand, the company said on Thursday.
By Reuters
OTB – which stands for Only The Brave – owns a string of street and upmarket European brands including Diesel, Maison Margiela, Marni and Paula Cademartori.
It recently said it was planning to invest 200 million euros ($223 million) over the next three years in mergers and acquisitions.
The group, founded by Italian entrepreneur and designer Renzo Rosso, bought an initial 51% stake in Viktor&Rolf – founded by Viktor Horsting and Rolf Snoeren – in 2008.
The increase announced on Thursday “is part of the group’s plan to accelerate the growth of the brands already in its portfolio”, the company said.
Reporting by Claudia Cristoferi, editing by Deepa Babington
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