German entrepreneur, Philipp Plein, has unveiled plans to open 300 stores for his Plein Sport brand. The announcement was made during his presentation of a new collection of interior designs at the High Point furniture show in North Carolina. Plein also disclosed details about his partnership with luxury furniture distributor, Eichholtz, and their joint venture on a collection of 140 unique pieces. According to Plein, he aims to create distinctive items that are not easily found elsewhere, drawing parallels between fashion and interior design.

Plein expressed his enthusiasm for entering the sport market and competing against industry giants like Nike and Adidas. He stressed that Plein Sport is not just a secondary line, but an independent brand with its own logo and a product range that is entirely vegan. Within the next three years, Plein intends to establish 300 Plein Sport stores, adopting a self-service concept similar to popular chains such as Starbucks and Ikea. The stores will feature reduced personnel and a greater emphasis on direct self-service sales. The initial wave of store openings, spanning across Europe, will commence between January and February, with subsequent openings scheduled each month.

Addressing his licensing strategy, Plein revealed multiple partnerships in the pipeline, including one for golf wear in South Korea and a forthcoming fragrance launch. Plein underscored the significance of the US market, highlighting plans to unveil a boutique in Soho and stage a new fashion show in New York. The entrepreneur expressed confidence in the brand’s performance within the American market, projecting sales of $40 million by year-end.

In addition to expanding Plein Sport and securing licensing deals, Plein divulged details about his upcoming projects. Notably, the entrepreneur is set to open his first hotel in Milan by 2023. The establishment will feature a restaurant, nightclub, and a rooftop pool, providing a space for entertainment and enjoyment that Plein believes is currently absent in Milan.

Lastly, Plein addressed his involvement in the NFT and cryptocurrency market. As the first fashion brand to accept cryptocurrency as a form of payment, Plein has opened a crypto concept-store. Despite recent market downturns, Plein remains optimistic about the long-term potential of cryptocurrency, viewing it as a means to support underdogs and recognizing its value as an investment.

Sources:
1. Business of Fashion
2. Retail Detail