Otto Group cuts jobs heavily ahead of generational handover

The Hamburg-based retail giant Otto is cutting jobs massively shortly before the generational change in the owning family (the Otto dynasty) – an unusual step for the group and a clear sign of a new era. Under group leader Petra Scharner-Wolff, the Otto Group is to be fundamentally restructured. The Otto Group is one of the largest German retail and services groups, with brands such as Otto, Hermes, Crate & Barrel and around 50,000 employees worldwide.