Operating profit at Italian fashion company OTB, which owns brands such as Diesel, Maison Margiela, Marni and Jil Sander, shrank last year, while turnover declined 4% at constant exchange rates to €1.8 billion.

The family-owned group said on Tuesday that its earnings before interest and taxes (EBIT) totalled €44 million ($46 million), down from €140 million reported in 2023.

“(In 2024) we have continued with our strategy of expanding direct channels, where we have performed positively. However, we experienced declines in the wholesale channel, which have negatively impacted the entire industry”, said Chairman and founder Renzo Rosso.