Diesel founder invests in Marni

OTB, the holding company of Renzo Rosso has taken a majority stake in Italian fashion company Marni. This was confirmed at a press conference in Milan on Thursday. "I am satisfied of the agreement reached with OTB," said Marni CEO Gianni Castiglioni.

"This is an extraordinary opportunity of further development for our company, whilst preserving the brand's identity and the entrepreneurial spirit of our family."

Only The Brave also controls fashion houses Maison Martin Margiela and Victor & Rolf. Financial details of the deal were not disclosed.

"I am extremely happy of this new entry in the group," said Rosso. "Marni represents exactly the concept of fashion I would love to see associated with OTB - a style that's unique, recognisable, individual, fresh and modern; an international outlook. I have an incredible respect for Consuelo's talent and I am sure that the association between her creative vision and the support and know-how of OTB will take Marni to new, incredible goals."

Rosso also said he wants to create a luxury conglomerate which competes on international markets but allows brands to keep their founders' identity.

Founded in 1994 by fur businessman Gianni Castiglioni and hisdesigner wife Consuelo, Marni expects revenues of 130 million euros in 2012, mostly coming from outside Italy. Marni CEO Gianni Castiglioni confirmed that the brand was looking for an investor in October, to help "double sales in five years through a further development of retail". Castiglioni said they had been approached by equity funds but they decided to partner with Rosso because they could keep their identity while pursuing growth.