U.S.-based footwear holding company StreetTrend and Italian investment firm Panda acquired a majority interest in the luxury sneaker and footwear brand P448.
The private transaction was completed as a joint venture agreement to purchase all P448 creative design, manufacturing operations and brand assets at the Forli, Italy-based company. The P448 new management team will include Panda founder Paolo Griffo as CEO and StreetTrend chairman Wayne Kulkin as non-executive chairman. P448 original founders, Marco Simone and Andrea Curtis, will serve as co-creative and design directors and maintain an equity stake in the business.
Kulkin launched StreetTrend as a brand portfolio holding company in 2017 in partnership with Jeffrey Hecktman, chairman and CEO of Hilco Global. StreetTrend designs, distributes and sells several footwear brands including PS821 Limited Edition Sneakers and Meline at Neiman Marcus, Bloomingdales, Nordstrom and other retailers. The company had previously signed an exclusive distribution and marketing agreement with P448 in 2017 covering several of its largest markets.
Kulkin said, “The P448 brand has already gained a strong following in the U.S., and we’ve quickly developed a reputation among both retailers and shoppers for delivering exciting styles, with handmade quality and craftsmanship and fashionable looks that reflect Italian streetwear trends that leverage unique colors and textures.”
