Italian sportswear brand Paul & Shark growing above pre-Covid levels in 2022
Italian sportswear brand Paul & Shark has absorbed the impact of the Covid-19 pandemic, and in 2022 it is aiming to exceed its pre-pandemic revenue levels.
“We were not spared some revenue losses, but we will close this year with a growth between 3% and 4% over 2019, reaching €130 million,” said CEO Andrea Dini, talking to FashionNetwork.com.
At Pitti Uomo 102, Paul & Shark presented its latest sustainable fashion initiative, the Re-Sail project. A special collection of sport jackets made using discarded sails, combining high technology, an outdoor vibe and a contemporary/urban style, premièring for the Spring/Summer 2023.
“Once we realised that used sails are regularly discarded, we contacted a couple of sailmakers, and we are now making garments out of sails,” said Dini.
Respect for the environment is the hallmark of Paul & Shark, a company that is certified plastic-free and is included in the list of Italian ‘green’ companies drawn up by Kon Group and Credit Suisse. “90% of our products are eco-friendly. Our sustainability strategy hinges on recycling. Nowadays, we have to go green, there is no plan B,” added Dini.
Paul & Shark, with its distinctive shark head logo, generates over 90% of its revenue outside Italy. Its main market is Europe, which accounts for 90% of revenue, while the rest comes from outside the EU, Russia and China primarily. The invasion of Ukraine means Paul & Shark has stopped doing business in the country, “where we had two long-standing partners, generating 1.5-2% of our revenue,” said Dini.
Paul & Shark is present in 73 countries with over 209 monobrand stores, the majority of them with franchisees. In H1 this year, Paul & Shark has opened stores in Ivory Coast and in Split, Croatia. It has also renovated the Forte dei Marmi store in Italy, and opened a new one in Rome.
Further openings are in the pipeline in Congo and in Lagos, Nigeria, reflecting the company’s focus on sub-Saharan Africa. “It's the new China. A very interesting market for fashion, with significant new players emerging,” said Dini.
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