OTB has a new brand joining its stable: Milanese accessories company Paula Cademartori. The Italian-Brazilian designer is known for her colorful collections of bags, shoes and accessories that are made in Italy and have been spotted on celebrities, including Beyoncé, Lady Gaga and Jessica Alba. Financial terms were not disclosed.
“Paula’s energy and positivity are contagious, and her products are high-quality and distinctive,” said OTB founder and President Renzo Rosso. “Within our group, she will continue to freely create innovative, ‘brave’ products, also thanks to the structural support we will provide her, and together we will create a new success story based on a unique identity and borderless creativity.”
“This is an incredible opportunity of growth and development for my brand. For me, Renzo is not only a great entrepreneur but also an inspiring figure,” said Cademartori.
Two weeks ago, an OTB spokeswoman told WWD that the brand was on the radar of the Italian group. “We confirm that as part of our regular scouting activity of interesting brands for the group, we are evaluating some opportunities,” she said, adding that no contract had been signed yet.
OTB controls the Diesel, Maison Margiela, Marni and Viktor & Rolf brands, as well as manufacturing arms Staff International and Brave Kid. The group closed 2015 with net profits down 36 percent, to 3.5 million euros, or $3.8 million, from 5.5 million euros, or $7.3 million, in 2014. Revenues rose 1.9 percent, to 1.59 billion euros, or $1.76 billion, compared with 1.56 billion euros, or $2 billion, in the previous year.