In a statement early this month, StreetTrend LLC announced that it purchased the Italy-based luxury sneaker brand from NoThanks SpA. As part of the acquisition, the consolidated entity will be called P448 SpA and will become part of StreetTrend’s portfolio of footwear and fashion brands.
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StreetTrend founder and CEO Wayne Kulkin, who held the chief executive role at Stuart Weitzman for more than 25 years, said he first discovered P448 three years ago while traveling to Italy to source brands for his new company. He signed an agreement with the label to serve as its exclusive distributor and marketing partner for the United States, as well as Canada, Mexico, China, Hong Kong, Macau and Taiwan.
In 2018, StreetTrend snapped up a 30% stake in P448 from NoThanks SpA. According to StreetTrend, P448 has achieved a compound annual growth rate of 40%