There is change at the helm of P448. The Milan-based high-end sneaker brand, which has been 100% US-owned for more than five years, has appointed former Nike and Archipelago executive Jordan Morrell as its new CEO.
Jordan Morrell – LinkedIn
Jordan Morrell takes the helm of P448 with a robust financial grounding and a long ascent within Nike, where for more than a decade he held key roles in the Beaverton-based company’s digital and creative transformation. After beginning his career in investment banking at Deutsche Bank and overseeing the finances of institutional projects such as the expansion of New York’s MoMA, Morrell rose through the ranks at Nike to become vice president of strategy and operations for global design. In this capacity, he managed an operating budget of more than $100 million and coordinated over 1,000 designers, successfully balancing creative ambition with the company’s exacting commercial objectives.
Throughout his time at Nike, Morrell distinguished himself as a pioneer of innovation and direct-to-consumer. He was the general manager behind the success of NIKEiD and the launch of Nike+ Digital, turning wearable products such as the FuelBand into multi-million-dollar businesses. His ability to optimise profitability- increasing gross margins and driving double-digit growth in e-commerce revenue- has cemented his reputation as an expert in complex go-to-market strategies, capable of managing production cycles on a global scale while maintaining a bespoke focus on product personalisation.
Before taking on the CEO role at P448, Morrell honed his skills as a “change agent” and investor in the lifestyle sector. Most recently, he was senior vice president at Archipelago Companies, leading product creation for high-profile brands such as OluKai and Roark, focusing on brand elevation and excellence in footwear design. Alongside this, he founded Swingshift Ventures- a boutique advisory and investment firm for high-growth consumer brands.
“It is an absolute honour to lead a global footwear company based on craftsmanship, comfort, and culture,” said Jordan Morrell. “I am deeply inspired by the team, the product and the marketing at P448, and I look forward to defining and leading this new era of growth together.”
P448, founded in 2014 by Marco Simone and Andrea Curtis, is now led by Wayne Kulkin, a leading expert in the footwear industry, having worked for 25 years as CEO of the American footwear brand Stuart Weitzman. Through his company StreetTrend (launched in 2017), he invested in P448 in 2018- acquiring a 30% stake- after serving as its distributor in several markets, and then in October 2020 secured 100% of the Made in Italy footwear brand’s shares from NoThanks SpA for an undisclosed sum.
P448 kicked off an expansion strategy in China in 2024, starting with a dedicated Tmall store and continuing with other company-owned physical stores in Beijing and Macau, as well as the opening- concurrent with Morrell’s appointment- of a flagship at the Shanghai iAPM Mall, designed in collaboration with Woody Yao. The company also plans to develop this business model throughout the Asia-Pacific region, with the South Korean and Taiwanese markets as the next phase of growth.
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Italian luxury brand Brunello Cucinelli, known for its $3,000 cashmere sweaters, bet big on department stores, a strategy now in the spotlight as iconic US High Street retailer Saks struggles to pay back debts.
A look by Brunello Cucinelli – Brunello Cucinelli
Saks Global, created after Saks Fifth Avenue parent Hudson’s Bay Company bought rival Neiman Marcus, saw its CEO depart this month, amid reports it was preparing for bankruptcy after missing an over $100 million interest payment. That’s put a harsh spotlight on the strategy of firms like Cucinelli that have bet heavily on high-end department stores, whose future is more uncertain in a weak global luxury market where many brands have shifted towards their own outlets.
The firm, however, is doubling down. Brunello Cucinelli, founder and chairman of his namesake firm, told Reuters that the company was sticking with its strategy, which gives a strong emphasis to the wholesale channel.
He said that so far it had only faced a one-month delay in payments from Saks Global, and at the operational level had not had any issues with the retailer. “We don’t foresee any economic risks, except for extremely limited ones,” Cucinelli told Reuters by phone. “And bear in mind, they would be the first (losses) in 45 years of business. Every year, we lose 0.1% from our multi-brands, which is practically nothing.”
Cucinelli is, however, more exposed than most. Co-CEO Luca Lisandroni in December lauded the cashmere king’s ties with Saks and heralded some of its “best results ever” in its stores around the US, “demonstrating the great centrality of this client in the global luxury landscape.” The Italian firm makes some 36% of its revenues from the wholesale channel and around 64% from its own retail outlets, relying more heavily on multi-brand distribution than some key luxury peers, according to data compiled by Reuters.
Over the past decade, luxury groups have shifted toward their own retail networks, giving them more control over pricing, inventory, and margins. Retail now accounts for some 90% of sales by Prada, 81% at Moncler, 87% at Zegna, and 75% at Gucci-owner Kering.
Cucinelli, which targets some of the highest-end wealthy customers, has proved to be among the most resilient brands in the industry hit by lower demand. Sales in both the wholesale and retail channel grew in the first nine months of 2025 and the brand raised its full-year revenue growth forecast to 11–12% in December.
Morningstar analyst Svetlana Menshchikova said that a possible Saks bankruptcy or restructuring could lead to “delayed payments, limited bad-debt exposure and maybe some lost sales if the department stores would fail to replenish their stock.”
“The company has consistently highlighted the US wholesalers as key clients and an integral part of its brand image and business model,” she said. “Although we do not expect a severe impact on the company given Cucinelli’s global footprint and strong balance sheet.”
Saks Global’s financial troubles reflect wider challenges in the $417 billion global luxury market, which is battling to emerge from years of stalling sales. The US luxury retailer, which operates Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, missed an interest payment due at the end of December and it is preparing to file for bankruptcy, the Wall Street Journal reported last month. Founder Cucinelli credited department stores in part for that and said he had faith in Saks and the 400 multi-brand stores he said the brand worked with worldwide.
“We do 40% of our business with multi-brands and I’m absolutely delighted,” he said, calling department stores the “true custodians of the brand.”
“To make it even clearer how much we believe in multi-brand (stores), hypothetically speaking, I would buy Saks Global tomorrow if I were an interested investor.”
Recycling Europe Textiles (RET), the European association representing the textiles reuse and recycling sector, has urged the EU Commission to introduce ecodesign rules mandating the presence of at least 10% of recycled fibre content in textile products from 2028.
RET believes that the forthcoming European regulation on ecodesign for textile products is a decisive opportunity to accelerate the industry’s transition to a truly circular model. In a position statement published on January 7, the organisation underlined that introducing mandatory recycled-content requirements is essential to strengthen the recycling industry and respond to the growing pressure on textile-waste collection and treatment systems in Europe.
According to RET, the sector currently faces a critical juncture, characterised by an excess of low-quality textile waste, weak demand for recycled fibres, and funding constraints. The situation is likely to worsen as the separate collection of used textiles became mandatory in Europe in January 2025, and given the growing consumption of apparel products driven by the ultra-fast-fashion phenomenon. Without clear market signals, RET warned, increasing volumes of used textiles risk being incinerated or sent to landfill, rather than reutilised to make new products.
To reverse this cycle, RET is advocating a strict, targeted definition of ‘recycled content’ that prioritises post-consumer textile waste generated in Europe, excludes open-loop sources such as PET bottles, and discourages the generation of industrial textile waste. The aim is to promote genuine fibre-to-fibre circularity and ensure that recycling efforts focus on the main textile-waste stream in the European market.
Targets-wise, RET is proposing the progressive introduction of mandatory recycled-content requirements for textile products, starting with a company-portfolio-level approach and moving to product-level targets from 2030. The proposals stipulate a minimum of 10% of recycled fibres by 2028, 15% by 2030, and 30% by 2035, with a growing share sourced from European post-consumer waste. These targets, according to RET, would send clear predictive signals to the market, creating steady demand for recycled fibres and unlocking investment in new sorting and recycling technologies.
Another mainstay of RET’s position is the need for robust and credible verification systems. The association supports a hybrid model combining chain-of-custody systems, mass-balance methodologies and greater traceability, especially at the collection and sorting stages. In this context, the EU’s Digital Product Passport is regarded as a key tool for strengthening transparency, as it requires clear information on the amount, type and origin of the recycled content incorporated into textile products.
“Mandatory recycled-content targets are among the most effective policy instruments for transforming the European textile industry. By promoting genuine fibre-to-fibre circularity, the European Union can reduce resource extraction, boost innovation and recycling capacity, and support a resilient and competitive European textile recycling sector,” concluded RET.
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Swiss watches and travel gear maker Wenger has launched its first e-commerce-enabled brand website in India as the House of Victorinox brand increases its focus on the country through direct-to-customer retail.
Wenger has increased its focus on the Indian market – Wenger
“Wenger has long been celebrated globally for its Swiss craftsmanship, superior quality, and functional yet stylish design ethos,” said Victorinox India’s managing director for sales and marketing Debraj Sengupta in a press release. “By launching our own e-commerce platform in India, we are enabling consumers to experience authentic Wenger products directly from the brand. This marks a significant step in strengthening our footprint in a market that values trust, durability, and premium lifestyle experiences at an affordable price.”
The online store retails Wenger’s complete product portfolio, including its Swiss-made watches and travel gear for men and women. Highlighting India as a key market for premium lifestyle and travel accessories, Wenger’s online offering also features curated bundles, seasonal offers, and brand stories designed to celebrate its heritage, which dates back to 1893.
“With the launch of Wenger’s dedicated e-commerce platform, we are deepening direct consumer engagement and making authentic Swiss craftsmanship more accessible,” said Siddharth Mudaliar, national manager for e-business at Victorinox India. “This initiative is central to our long-term digital and retail strategy for India.”
Politics8 years ago