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.
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.
Source: Reuters.com