Off-White has lofty ambitions, aiming to reach one billon euros in revenue over the next 5 to 10 years. The statement was made by Andrea Grilli, CEO of Off-White parent company New Guards Group, during the brand’s Milan presentation on Tuesday.
Growth would be achieved through collaborations and partnerships, new products and a powerful digital presence. The latter which must guarantee a driving force for sales and communication.
Grilli said the brand made “a journey in the perfect historic moment,” with founder Virgil Abloh retaining the creative helm in addition to his commitments at Louis Vuitton. Off-White believes there are digital opportunities to be embraced: “Analysts say the business could hit 30 percent. We already are between 16 percent direct and about 14 percent achieved through multi-brand e-stores. If managed wisely and globally, online is not a business that dilutes brand equity, “ Grilli explained.
Opportunities lie in Asia, too, which currently accounts for 30 percent of sales. Its biggest market remains Europe at 40 percent and the US at 30 percent. “We closed the year with China in strong growth, but also in North America, where we have stores in New York, Miami and Las Vegas, held up with incredible volumes, up from 2019. We also grow by continuing to open stores. Today we operate 60 ”. Sales in China grew 10 percent in 2020, boosted by new store openings. Off-White also launched its presence on WeChat and Weibo, which Grilli said were “fundamental” to success in the Asian market. Also relevant is rolling out dedicated capsules. “We are a global brand, but local initiatives are key.”
As for its show: “We changed the classic mechanism of two collections per season by opting for a unique collection that remained under embargo for six months, after being sold to multi-brand customers,” explained Grilli. “Basically, we have organized a single sales campaign with three drops that will satisfy five months of deliveries”.