OTB buys majority stake in Italian footwear producer Stephen

blog image

OTB buys majority stake in Italian footwear: Renzo Rosso’s Italian fashion conglomerate OTB has, via its Staff International subsidiary, taken over Stephen, a footwear manufacturer located in the Veneto region. As a supplier to OTB, Stephen has worked there for more than 20 years. Stefano, Antonella, and Valeria Bertollo are the current leaders of the company, which was founded in 1967 by Francesco Bertollo. Stephen employs seventy people and focuses in high-end footwear for both men and women.

This acquisition is in line with OTB’s long-term plan to strengthen its brands by acquiring specialist knowledge and manufacturing capability in important product categories. Stephen’s business expansion and development in technology, digital solutions, and sustainability will be supported by OTB’s enormous resources. Stephen will continue to be led by Stefano Bertollo.

Renzo Rosso, president and founder of OTB, highlighted the significance of “Made-in-Italy” in the group’s identity, emphasizing the worldwide recognition of OTB’s brands for their originality, innovation, and workmanship. He emphasized OTB’s dedication to supporting local players through investments, which will help them grow and be more sustainable in the long run.

‘Made in Italy, Made Perfectly,’ an advertising campaign that highlights leading Italian manufacturers, and financial assistance programs like CASH have been part of OTB’s strategy to support local producers for a while.

Revenues for OTB came in at €1.9 billion in 2023, up 7.2% from the previous year and 10.2% when adjusted for currency fluctuations. The increase in net sales to €1.8 billion was 9.1% at current rates and 12.4% at constant currency rates. Both EBIT and EBITDA were €348 million and €140 million, respectively.

Ethan Sullivan

Ethan's penchant for the pulse of the fashion world extends to covering lifestyle topics, offering readers a seamless blend of the latest style updates and lifestyle trends.

Read more