Italy's fashion group OTB buys leather manufacturer Frassineti

Italy's OTB said on Thursday it acquired a majority stake in leather goods manufacturer Frassineti, long-term supplier of the Jil Sander brand that the fashion group owns.

In the last few years a growing number of luxury groups have invested in companies that are part of their supply chain to preserve valuable skills.

The deal aims to ensure stability and to accelerate growth of Florence-based Frassineti, OTB said in a statement, adding that the founder family would retain a minority stake.