The Large ITB Holding of Italian Fashion, which includes Diesel, Jil Sander and Maison Margiela brands, evaluates the possible increase in product prices in the US market if the new customs duty. The company's General Director Ubaldo MINELLI said that scenario calculations show that OTB will have to raise prices by an average of 8-9% to mitigate the negative impact of duties. The company is developing the approach according to the brand, Reuters reports.
OTB founder Rosso Rosso also confirmed that the company has the goal of leaving the exchange, but is waiting for appropriate market conditions. Other European Fashion Brands, including Hermès and Prada, are also discussing prices due to new customs policy of the US government. Hermès has already announced that it will fully transfer this additional cost to the consumer.
