MILAN (Reuters) -Italian fashion group OTB, which owns brands such as Diesel, Jil Sander and Maison Margiela, is assessing the extent of price increases in the United States if trade tariffs are confirmed, the group’s CEO said on Monday. European luxury goods companies, including Prada, are evaluating potential price hikes. Last month, Hermes said it […]
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Italian fashion group OTB assessing extent of price hikes in US
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MILAN (Reuters) -Italian fashion group OTB, which owns brands such as Diesel, Jil Sander and Maison Margiela, is assessing the extent of price increases in the United States if trade tariffs are confirmed, the group’s CEO said on Monday.
European luxury goods companies, including Prada, are evaluating potential price hikes. Last month, Hermes said it would pass on the full effect of tariffs to shoppers in the United States.
“We are evaluating, brand by brand, possible actions to reduce the impact” of possible duties, OTB’s Chief Executive Ubaldo Minelli said at a press conference to present the group’s sustainability report.
“Simulations indicate that to balance the impact (of duties on profitability) we would have to increase prices (in the U.S.) by 8-9% for the group overall”, he added, on the sidelines of the event.
OTB chairman and founder Renzo Rosso reiterated the group’s intention to list when market conditions are favourable.
(Reporting by Elisa AnzolinEditing by Mark Potter)