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    8016   JP3203500008

ONWARD HOLDINGS CO., LTD.

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Italy's OTB expects to accelerate creation of luxury hub

04/30/2021 | 06:26am EDT
FILE PHOTO: A model presents a creation for Viktor & Rolf fashion house during Paris Fashion Week

ROME (Reuters) - The pandemic opened a new chapter in terms of M&A and Italy's OTB expects to accelerate its long-time project to create an Italian luxury hub, the chief executive of the fashion group said on Friday.

The group, which owns brands including Diesel, Maison Margiela, Marni and Viktor&Rolf, bought German label Jil Sander from Japanese retailer Onward Holdings in March.

CEO Ubaldo Minelli said the company was not only looking at acquiring fashion brands, but also at possibly buying firms in the production and distribution sectors.

"The company has all the tools - financial, organisational, managerial and from a capitalisation point of view - to press on with our project", Minelli said at an online conference.

The chief executive explained that the Sander acquisition was part of OTB's aim - "which starts way back" - to create a large portfolio of luxury brands, "something that many have tried but that only (OTB founder) Renzo Rosso has managed to do".

The coronavirus crisis led to an unprecedented fall in fashion and luxury sales last year due to months of forced shop closures in all major markets and a slump in tourism following travel bans worldwide.

But the sector has also seen major investment and M&A deals, including the acquisition of a 24% stake in shoemaker Louboutin by Agnelli's holding company Exor, and luxury down jacket maker Moncler buying smaller Italian high-end brand Stone Island.

In March Minelli told Reuters that even without acquisitions, OTB's business plan to 2023 would still forecast annual sales increases in line with pre-pandemic guidance of 12% to 13%, thanks to strong growth in Asia and soaring online sales.

(Reporting by Giulia Segreti; Editing by Kirsten Donovan)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EXOR N.V. 0.00% 68.64 Delayed Quote.5.13%
MONCLER S.P.A. 0.00% 57.94 Delayed Quote.13.92%
ONWARD HOLDINGS CO., LTD. -2.70% 360 End-of-day quote.73.91%
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Financials
Sales 2022 182 B 1 655 M 1 655 M
Net income 2022 -3 320 M -30,2 M -30,2 M
Net Debt 2022 69 829 M 634 M 634 M
P/E ratio 2022 -14,7x
Yield 2022 3,33%
Capitalization 48 818 M 443 M 443 M
EV / Sales 2022 0,65x
EV / Sales 2023 0,63x
Nbr of Employees 7 498
Free-Float 63,4%
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Mean consensus SELL
Number of Analysts 1
Average target price 250,00 JPY
Last Close Price 360,00 JPY
Spread / Highest target -30,6%
Spread / Average Target -30,6%
Spread / Lowest Target -30,6%
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Managers and Directors
NameTitle
Michinobu Yasumoto President & Representative Director
Osamu Sasaki Director, Head-Finance, Accounting & IR
Akira Kawamoto Independent Non-Executive Outside Director
Yoshie Komuro Independent Non-Executive Outside Director
Daisuke Ikeda Director, Head-Personnel & General Affairs
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