Margiela and Marni closed their Hong Kong stores — OTB's €1.6B retreat

OTB Group, the Italian fashion conglomerate owned by Renzo Rosso and parent of Maison Margiela, Marni, Jil Sander and Diesel, closed multiple Hong Kong stores in late 2024 and 2025. Maison Margiela shut its K11 Musea boutique. Marni closed stores at Landmark and Causeway Bay Sogo. The closures were part of a broader contraction across China's luxury market that affected nearly every global fashion group.

OTB Group's 2025 full-year results showed net sales of €1.6 billion, down 4.8% from the prior year. EBITDA fell 14% to €237 million. While Maison Margiela grew 8.4% on the strength of its popular Tabi shoes and celebrity dressing, the growth in that one brand was overwhelmed by weakness in the group's wholesale channel and across China operations — including Hong Kong.

The Hong Kong closures reflected a market where luxury foot traffic had not recovered to pre-pandemic levels. High rents in prime locations like K11 Musea and Landmark, combined with lower consumer spending from both local customers and mainland Chinese tourists, made the stores unviable. OTB was not alone — competitors including LVMH and Kering also reported China weakness.

OTB fared better than many of its peers in 2025, with positive performance in the Middle East and North America partially offsetting the China decline. But the Hong Kong closures represented a strategic retreat from a market where the group had invested significantly in flagship boutiques during the pre-pandemic luxury boom.