Philipp Plein is aiming to conquer new markets and multiply its revenue by five, from 300 million euros today to 1.5 billion euros by 2025. It aims to achieve this by boosting its presence on the web, developing its sportswear line and launching into luxury hospitality.
The German designer unveiled his new strategy on Thursday, July 7, during a press conference at the Philipp Plein headquarters in Lugano, Switzerland. Plein was joined by his new CEO, Patrick Guadagnino, who previously held the position of CFO, and Cheryl Abel-Hodges, recently appointed brand president.
Philipp Plein aims to increase its online sales, which currently account for 15% of its turnover. The brand’s e-commerce business will be managed internally from now on. Previously, it was handled by the Yoox Net-a-Porter (YNAP) group.
The brand is also planning to expand its sportswear line, which was launched two years ago. Dubbed Plein Sport, it generated 15 million euros in revenue in its first year. Philipp Plein is hoping to triple this figure by 2025.
Philipp Plein is looking to develop its retail network, which currently comprises around 100 stores worldwide. The brand plans to open new flagship stores in Asia and the Middle East.
Finally, Philipp Plein wants to diversify its activities and expand into the luxury hospitality sector. The brand has already signed an agreement to manage the iconic Principe di Savoia hotel in Milan, Italy. This move is in line with the trend of fashion brands diversifying into hospitality, as seen with the recent acquisition of the Cipriani hotel in Venice by LVMH and the opening of the Bulgari hotel in Shanghai by the eponymous brand.
Philipp Plein’s new strategy is ambitious, but the brand has the potential to achieve its goals. The brand has a strong brand identity, a loyal customer base and a talented design team. With the right execution, Philipp Plein could become one of the leading luxury brands in the world.
Here are some additional details about Philipp Plein’s new strategy:
* The brand is planning to invest heavily in digital marketing and e-commerce..
* Philipp Plein is looking to develop new products and categories, such as homeware and accessories..
* The brand is planning to expand its retail network in key markets such as Asia and the Middle East..
* Philipp Plein is looking to diversify its activities and expand into the luxury hospitality sector..
* The brand is aiming to increase its revenue by five, from 300 million euros today to 1.5 billion euros by 2025..
