OTB buys majority stake in Italian footwear producer Stephen

Italian fashion group OTB, owned by Renzo Rosso, has bought a majority stake in Veneto-based footwear producer Stephen through its Staff International subsidiary. Stephen has been a supplier to OTB for over 20 years. The company was founded in 1967 by Francesco Bertollo, and is currently run by siblings Stefano, Antonella and Valeria Bertollo, the family’s second generation. Stephen produces high-end men’s and women’s footwear and has 70 employees.

The acquisition is consistent with OTB’s long-term policy of securing highly specialised know-how and output capacity in product categories that are strategic for its brands’ growth. OTB will put its considerable resources at Stephen’s disposal to further expand the producer’s business, and support its development in the technology, digital solutions and sustainability fields. Stefano Bertollo will continue in his role as CEO of Stephen.

“OTB’s brands are known all over the world for the originality, creativity and craftsmanship of their products. Made-in-Italy has become our hallmark, thanks to a close collaboration with the companies that form our amazing supply chain: a unique asset that makes us extremely competitive on international markets,” said Rosso, president and founder of OTB. “This is why, as a group, we are investing in the local players who have built the reputation of Italian fashion around the world, to ensure their continued growth and increasingly sustainable development,” he added.

OTB began to deploy this strategy several years ago, and over time the group has offered solid support to local producers, both via financial assistance programmes, such as CASH, run in conjunction with a bank, which enables OTB suppliers to collect their receivables in advance at extremely favourable conditions, with OTB acting as guarantor thanks to its extremely high credit rating, and via communication initiatives promoting top-notch Italian manufacturers, such as the ‘Made in Italy, Made Perfectly’ campaign.

In 2023, OTB recorded a revenue of €1.9 billion, up by 10.2% at constant exchange rates and by 7.2% at current rates. Net sales were €1.8 billion, up by 12.4% at constant exchange rates and by 9.1% at current rates. EBITDA was €348 million, and EBIT was €140 million.