The stock market listing of Italian fashion group Only The Brave (OTB), brands of which include Diesel and Jil Sander, is likely to be pushed back to 2026, Chairman Renzo Rosso said on Wednesday.

Company founder Rosso said in October that OTB was preparing to list in 2025, but tougher conditions for the luxury fashion industry since then have prompted a rethink.

“The year has got off to a slightly subdued start, which means it could be better to wait for the right moment because when you take such a step you want to do it with numbers that are on a level with what investors expect,” Rosso told an industry event in Rome.

OTB generated turnover of 1.9 billion euros ($2.1 billion) in 2023, including royalty payments, while operating profit (EBIT) was 140 million euros, the company’s website says.