Forli-based P448 sneakers are (almost) all American. StreetTrend LLC announced its purchase of the brand. StreetTrend was at first the distributor of the brand, and then decided to acquire 30% of the brand’s capital. Now it is up to 90%, with the remaining 10% owned by Andrea Curti, the brand’s founder along with Marco Samorè.
StreetTrend LLC is a company created in 2017 by Wayne Kulkin, previously CEO of Stuart Wetizman for over 25 years. Kulkin discovered P448 in 2017 when in Italy to find new brands to put in the fund, and so started distributing the sneakers. Given the brand’s success, he bought 30% ownership of the brand in 2018, together with investment fund Panda, which purchased an additional 5%. The remaining was in the hands of the NoThanks company, created by the two founders. Now, he explains to Fashion Magazine, the brand is split between StreetTrend at 90% of the capiutal, with the remaining 10% in the hands of Andrea Curti.
40% a year
StreetTrend LLC states that the P448 brand has had an annual growth of 40%, on average, since 2014 when it was created. P448 closed 2019 with 9 million euro in revenue, made up 75% by export, mostly to the USA. Production only happens with Italian leather and takes place in Marche and Puglia. StreetTrend opened a design studio to support its Footwear Division, which also includes PS821 (another Italian brand). The space is 1,800 square meters and is located in Elda, Spain, where it is managed by Daniele Michetti, the creative director.
Images from p448.com