By
Bloomberg
Published
April 13, 2025
Renzo Rosso, the Italian fashion mogul who made his name as the founder of Diesel jeans, is on the lookout for new deals — even after a setback in his bid to buy the Versace brand.
“We have no partners, no debt and we’re not listed,” Rosso, chairman of the OTB holding, said in an interview in Milan. That combination creates room for maneuver that bigger rivals can’t match, he said.
Rosso in February made a “formal bid” to buy the Versace and Jimmy Choo brands from US-based Capri Holdings. But it “was never considered, and we don’t know why, even if our offer was in line with the final deal,” Rosso said.
Rosso remains undaunted, however, and said he’ll consider other deals. “There are many more dossiers on our desk,” he said.
One possibility that’s been mentioned in the industry could be Milan-based fashion house Etro, controlled by L Catterton, the private equity firm backed by LVMH founder Bernard Arnault.
Clearly, though, Rosso has a type of target in mind.
“I don’t want to buy just for the sake of buying,” he said. While some possible acquisitions offer “decent revenue,” in many cases they’re not of interest because “they are not cool, not bold, maybe they don’t have as strong a brand identity as ours.”
OTB reported turnover of €1.8 billion ($2.04 billion) for 2024, down 4.4% at constant exchange rates compared with the previous year. Japan and North America rose 16.3% and 13.3%, respectively.
While an initial public offering remains a possibility at some point, Rosso said the option doesn’t make sense under current market conditions.
“We don’t need an IPO to make acquisitions, if we want to buy, we can make our move,” he said.
Dubbed the “Jeans Genius” by some media outlets, Rosso, 69, founded Diesel in the late 1970s, and acquired complete control of the brand in 1985. In 2002 he created OTB as a holding for Diesel and for future acquisitions. The group today encompasses brands including Jil Sander and Maison Margiela.
Rosso says he’s now considering raising prices in the US to counter potential effects of future tariffs and fading consumer demand.
“Traffic in US shops is declining by double-digit percentages, while consumers are holding back on purchases,” he said.
To react, Rosso is planning more US events for the full range of OTB brands, not just the high-end ones, while adjusting his distribution network.
Rosso has always seen the US as key to his group’s success. As far back as the 1980s, he made bets on Diesel’s now-signature worn-out look and on a push into the US market.
“Being part of the American dream was a must,” Rosso said. And when it came time to open the first Diesel store in the US, he deliberately picked a spot near a Levi’s location on New York’s Lexington Avenue.
Why? “To show them that my jeans were the coolest thing around.”
