WWD first reported OTB was eyeing Jil Sander in December.
Financial details were not immediately available.
Jil Sander was founded by the eponymous German designer in 1968 and has been owned by the Japanese multibrand fashion conglomerate Onward Holdings since 2008.
It has been designed by Lucie and Luke Meier since 2017.
“I have admired and respected Jil Sander since the fashion house was first established,” said Renzo Rosso, founder and president of OTB. “Despite the changes of ownership and creative direction, the house has always stayed true to its founder’s vision, maintaining an absolute commitment to beauty, quality and its signature minimalist approach. To be able to welcome this timeless jewel to our group of unique, unconventional labels is an honor and a long-term undertaking.”
OTB is the parent company of Diesel, Maison Margiela, Marni, Viktor & Rolf, Staff International and Brave Kid, and it has a minority stake in Amiri.