Japanese retailer Onward Holdings recently announced selling its loss-making Jil Sander brand to Italian luxury conglomerate OTB. Onward did not disclose the sale price, citing confidentiality. Onward, which bought the Jil Sander brand for about $244 million in 2008, said in a Tokyo Stock Exchange release that the subsidiary recorded a loss of $21.22 million in the year ending February 2020.
Onward, which depends heavily on sales at Japanese department stores and has struggled with pandemic-related closures and weak consumer spending, said it aimed to shore up its finances by exiting the Jil Sander business, a global newswire reported.Japan's Onward Holdings has announced selling its loss-making Jil Sander brand to Italian luxury conglomerate OTB. Onward did not disclose the sale price. Onward, which bought the Jil Sander brand for about $244 million in 2008, said in a Tokyo Stock Exchange release that the subsidiary recorded a loss of $21.22 million in the year ending February 2020.#
Jil Sander was established by the namesake German designer in 1968. The brand was bought by Prada in 1999 but sold again in 2006. Sander has largely not been involved with the label since 2004.
ALCHEMPro News Desk (DS)
marketing@alchempro.com
