Philipp Plein has optimistic plans for the imminent relaunch of the Plein Sport label, which is being taken over as part of a revamped strategy.
Amid the company’s restructuring, the Swiss entrepreneur is eager to grab a share of the lucrative sportswear market, which is valued at â¬ 312 billion and is expected to grow to â¬ 400 billion. ‘by 2025, and which, according to him, no other luxury brand has fully exploited so far.
Detailing the plan in his sprawling new headquarters in Milan, he said the segment offers broader opportunities than luxury as market share is only split between six major brands, including Nike, Adidas and Under Armor.
He is convinced that the revamped Plein Sport can erode market share there, thus becoming a priority choice for consumers.
Introduced in 2016, Plein Sport has been put on hold, as reported, as the creator claimed its success cannibalized and interfered with the perception of the brand’s mainline, as it generated $ 30million in revenue. the first year.
Plein is committed to avoiding those same mistakes, he said.
âIt is extremely important for me not to create competition within the group between the different brands,â said Plein, mentioning the company’s main line and the Billionaire label, which should also undergo a revamp.
“We are doing everything possible to avoid cannibalization between the three brands,” he explained. “A lot of luxury brands have created second lines … The idea was simply to gain more market share, to open up distribution and to open up the potential customers that they wanted to reach”, but they weren’t not able to create second lines with USP signature.
“Plein Sport was not born to be a second line or a cheaper option … it’s here to complement and not to compete … so we started to identify what makes Philipp Plein successful and we have deliberately excluded these elements from Plein Sport, âhe said. .
Positioned in the high-end sportswear realm, Plein Sport’s price tags are slightly above the levels of Nike and Adidas, for example, while its designs are significantly louder than those on regular training gear. .
Plein has argued that no skulls, rhinestones, and appliquÃ©s – and, of course, no pieces of clothing or denim – will appear in the Plein Sport collection. Supposedly focused on functionality and performance, the elements previewed at headquarters revealed that the designer’s usual over-the-top approach had all but disappeared.
The collection will be fully unveiled with a fashion show next February in what is sure to be another Plein show. The brand’s e-commerce site will be launched in April, while the first retail experiments are scheduled for September 2022 with the start of shops-in-shops and pop-ups.
The entrepreneur described this new adventure for the Plein Sport brand as defined by innovation in communication, sales channels and even brand extensions, which he teased could include dietary supplements from brand and gyms.
The project was suspended for a year due to COVID-19 and, in the meantime, the group has undergone retooling, with the introduction of 10 licenses and a new headquarters.