MILAN — OTB SpA felt the pressure of currency headwinds last year and a number of significant investments, including the acquisition of Marni, dented its bottom line.
In the 12 months ended Dec. 31, net profit at the Italian fashion group dropped to 3.9 million euros, or $5.1 million, from 67.6 million euros, or $86.5 million, in 2012. Excluding the consolidation of Marni last year, net profit would have totaled 10.6 million euros, or $14 million. In its annual report, the company detailed that Only the Brave purchased a 60 percent stake in the Marni Group, completed on Jan. 31, 2013, for a total of 122.7 million euros, or $162 million.
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