P448 Debuts At Pitti Immagine Uomo, Plans Its First Flagship Store And Announces The Opening In New Markets
P448 is the premium brand of Italian-made sneakers that celebrates the streetwear shoes in a modern way which includes the marriage of comfort, technology and design, in all its facets and subcultures, with sophisticated and contemporary touches. Unique color combinations and premium materials define the carefree and expressive soul of the brand, which combines traditional Italian craftsmanship with cool and timeless sensibility.
“The story of P448 has been incredible. In five years P448 has gone from an Italian centric streetwear brand to being recognized as an upcoming global brand that is specialized in Italian craftsmanship and has a unique design culture inspired by music, art and streetwear fashion with a laser focus on fashion and comfort. We look forward our next steps with an e-commerce expansion as well as mono brand stores and creating a unique experience to our multi brand customers,” says Wayne Kulkin, non-executive chairman of P448.
The brand has recorded rates of growth of 30% since it was founded. In 2018 the brand had an annual volume of business of 8 million Euro (roughly +40% compared to the previous year) with a product distributed in over 1000 doors worldwide. The forecast for 2019 is to reach a turnover of over 12 million Euro while, for 2023, the challenging but realistic objective is to go up to 50 million Euro.
The distribution’s strategy will first be the consolidation of the current markets (Italy, Europe and the USA), and rationalizing the existing wholesale distribution through the transformation of the European distributors in agents, thus obtaining greater control (as is already the case in Germany and in France).
After the successful openings of pop-up stores in London, New York, Milan and Rome, P448 plans to open its first flagship store. In grand style, it’s planning the inauguration of two stores for 2020, the first in Milan and the second one in New York, both of them in premier shopping districts, respectively in Via Montenapoleone (Quadrilatero della Moda) and in SoHo, NYC.
Secondly, starting in the second half of 2019, P448 will enter into new commercial partnerships and markets. On the EMEA front, P448 will expand toward Russia, Eastern Europe, Scandinavia and Middle East; on the Asian front, toward Korea and Japan, then aiming for a greater penetration in China.
The news also concerns the product. P448 proposes an original mini-capsule of sneakers in recycled leather, with four unisex models made with at least 50% of natural recycled leather fiber, while keeping the high standards in terms of aesthetics and comfort. The product also stands out for its characteristics of being extremely lightweight and resistant.
The project is the result of P448 wanting to reduce the environmental impact associated with the leather production, like the great consumption of energy and chemicals, as well as the great amount of waste. Therefore, with the goal not only of making leather evolve into an even higher performing material but of making it more sustainable.
“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,” added Paolo Griffo.
From 11th to 14th of June 2019, P448 will open its doors to buyers, media and selected guests at the Urban Panorama, Costruzioni Lorenesi Spazi Esterni, Stand #3. The stand is designed by Piuarch studio, one of the leading firms of architects in Italy, which has won many awards for the Gucci Hub and which also designed the new Milanese showroom of P448, in Palazzo Serbelloni.