Brazilian designer Paula Cademartori is taking full control of her eponymous brand, buying back the label from OTB, the Italian group founded by Renzo Rosso.
OTB had originally invested in the luxury accessories label, known for its colorful, preciously decorated bags and shoes, in 2016.
“I would like to thank OTB for the commitment and support over the last years. It was an important collaboration for my professional growth, from which I learned a lot,” Cademartori said. “It was a pleasure to work with Renzo, a person and an entrepreneur I admire. The time has now come for my brand to explore new independent horizons.”
Rosso said: “Paula’s determination will allow her to reach new business goals, and I wish her all the success she deserves.”
The terms of the deal were not disclosed.
OTB, which also controls the Maison Margiela and Marni labels, registered consolidated revenues of 1.4 billion euros in the latest fiscal year. In June, OTB invested in Los Angeles-based brand Amiri and the following month raised its stake in the Viktor & Rolf brand to 70% from 51%.
This story was reported by WWD and originally appeared on WWD.com.