“Prices are exorbitant in the luxury sector,” says Renzo Rosso- “at OTB, it’s the brands’ DNA that speaks”

Luxury brands have abandoned their core identity, driving consumers toward other sectors that offer authentic experiences. This is according to Renzo Rosso, owner of Diesel, Marni, and Jil Sander‘s parent company OTB, who spoke at the Piccolo Teatro during the presentation of CNMI’s new observatory, “il bello della moda,” or “the beauty of fashion.”

“During Fashion Week, I see a frenzy of products with exorbitant prices. There’s immense market pressure, and the product offering is becoming increasingly homogeneous. That’s why consumers are diversifying into other categories, such as restaurants, hotels, travel, wellness, and beauty. The brands in the OTB portfolio remain true to their DNA and heritage,” observes Rosso.

The head of the fashion holding company, with over 1.7 billion in revenue, founded the cult brand Diesel nearly 50 years ago. “It has always been special; it embodies a philosophy, an energy. It’s a brand that has changed the world of communication. We brought denim into the luxury sector. It used to be just workwear; today you wear it on the red carpet. With Glenn Martens, the Diesel of yesteryear has returned,” adds Rosso.

The Vicenza-based entrepreneur was recently honoured by Google Cloud for adopting an innovative artificial intelligence system. “We’re implementing AI across all areas of the company. It streamlines work- managers today spend too much time in meetings. Even in my personal life, it’s a ‘friendly’ tool. I’m hooked on ChatGPT. I even consult it for medical advice. But you have to know how to use AI, and the human touch remains essential,” observes Rosso.

“At the company, they tell me I’m too much of a dreamer. My desire has always been to engage directly with the end consumer. With Google, we’ve developed ‘Try-on,’ which helps you buy an oversized outfit. It’s not easy to convey fit in the virtual world. We want to rebuild the consumer loyalty we’ve lost over the years,” says Rosso.

OTB’s CEO is now betting on the Veneto region as the Silicon Valley of product development. “I was born there; it’s a special region. It’s easier to bring managers to Milan, but our area is like a Silicon Valley for washing processes, technology, and treatments. Milan remains the hub for creatives, where they can see other brands, the best stores, and find inspiration,” recalls Rosso, who has always been committed to social responsibility projects through his Foundation.

“Before he died, my father told me, ‘Remember that you’ve received a lot from life, and you must give back this good fortune to the community.’ We restored the Rialto Bridge in record time and at half the cost- from 10 to 5 million- in about two and a half years. The synergy between the public and private sectors is fantastic,” concludes Renzo Rosso.