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LA Fashion Brand Amiri Sells Minority Stake to Renzo Rosso’s OTB

Luxury fashion brand Amiri has received a minority investment from OTB, the Italian fashion group chaired by Renzo Rosso.

Terms of the deal were not disclosed.

Rosso is the founder of Diesel, which remains OTB’s core operation. The U.S. arm of Diesel, Diesel USA, filed for bankruptcy in March following a failed turnaround. OTB, which stands for Only The Brave, has been looking at several investment opportunities, and previously disclosed that it plans to fuel growth through investments totaling 200 million euros ($224.8 million) over the next three years.

Two months ago, OTB was said to be considering an investment in Roberto Cavalli. OTB’s other investments include a majority stakes in Maison Margiela in 2002 and in Victor & Rolf in 2008. The company also acquired Marni in 2015.

A spokesman for Amiri did not return a request for comment by press time. WWD first reported on the investment stake. According to the story, the investment stake from Rosso could help him open his own retail doors, possibly as early as this year.

Amiri was founded by Mike Amiri in 2014. The luxury brand has its roots in the Los Angeles streetwear culture, and is known for its rock-n-roll inspired looks. The brand also counts Beyoncé, Taylor Swift, Alicia Keys and Keith Richards among its celebrity fans.

Amiri began his fashion career designing for rockers Axl Rose and Steven Tyler. According to the company’s website, the line for men’s and women’s are sold in a number of high-end specialty and department store doors, globally, that include Barneys, Forty Five Ten, Jeffrey New York and Bergdorf Goodman in the U.S.; Holt Renfrew in Canada; Browns, Cricket, Selfridges London and Harvey Nichols London in the U.K.; Galeries Lafayette and Le Bon Marche in France; Hankyu and Isetan in Japan; Joyce and Lane Crawford in China and Hong Kong. Other doors include Factory 54 in Israel, Club 21 in Singapore, and Harrolds in Melbourne, among other stores across Europe and the Middle East.

Mike Amiri is one of the nominees for the 2019 Menswear Designer of the Year at the CFDA Fashion Awards, with the winner to be announced Monday, June 3, at the Brooklyn Museum in New York City.