Off-White has a billion euros in its sights. We’ll get there “in five to ten years”, says CEO Andrea Grilli, who explained how input from LVMH (which controls 60% of the brand, the remaining 40% belongs to Virgil Abloh) and Farfetch (owner of New Guards Group, its licensee) is facilitating this path.
The billion in the crosshairs
According to Grilli, Off-White is undergoing an evolution. In other words, it is no longer (only) a streetwear brand, but is developing “new luxury codes”, also through “unexpected collaborations”. For example, the one with Nike remains the best known (and probably also the most profitable). In an interview to WWD, Grilli explained that the brand aims to make womenswear as relevant as menswear. But also, that shoes and trainers are considered among the most important product categories. Bottom line: Off-White, says Grilli, has the potential to reach 1 billion euros in sales in five to ten years. Not disclosing balance sheets, its current base is estimated to be around 400 million euros. It must, therefore, more than double its turnover.
Online and offline
In addition to its online growth, Off-White is expanding its offline presence with a series of openings between Paris and certain tourist locations. For example: Porto Cervo, Forte dei Marmi and Ibiza. There are currently 60 Off-White shops worldwide, with openings planned for 2022 and 2023, particularly in the United States. Grilli’s strategy is to propose exclusive collections for individual cities: microcapsules designed to stimulate the shop and offer an exclusive product to the consumer.