P448 plans first-ever flagship store in Milan, New York to follow
Premium Italian sneaker brand P448 is planning its first flagship stores with debuts due in Milan on Via Montenapoleone and New York’s SoHo next year. The company has previously focused on wholesale and website sales as well as physical pop-ups in destination cities including London, New York, Milan and Rome.
Currently available in around 1,000 doors, the second half of this year will see it entering into “new commercial partnerships and markets” as it works towards greater control of its distribution and new growth opportunities. In EMEA, it’s targeting Russia, Eastern Europe, Scandinavia and the Middle East, while in Asia, South Korea and Japan are in its sights, with the brand also seeing China as key as it aims for “greater penetration” there.
Five-year-old P448 has been owned since last year by US footwear manufacturer StreetTrend and Italian investment firm Panda.
The expansion plan will come along with new product launches and the company is adding a mini line of sneakers in recycled leather, with four lightweight-but-durable unisex models made with at least 50% natural recycled leather fibre.
The company said the launch is part of its aim of reducing the environmental impact associated with leather production, particularly energy and chemicals consumption and the huge amounts of waste generated.
“2019 is a critical year for P448. Important financial investments are being made in all areas of operation, marketing and product development with the goal to continue a solid foundation of sustainable growth and, above all, having a great deal of fun in doing it," said CEO Paolo Griffo.
P448 has grown fast since its launch in 2014 with average annual growth of 30%, although last year’s revenue rose around 40% to €8 million. It’s targeting revenue of €12 million+ this year and €50 million+ by 2023.
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