In a statement Tuesday, PRG said the company was enthusiastic to capture new business opportunities in the fashion apparel business and believed that the association with a famous global apparel brand would bring new elements and dimension to the group’s profile.
It added that the business venture would also potentially broaden its customer base for its existing core business and provide opportunities for growth.
In April 2018, PRG announced that Furniweb, which is listed on the Growth Enterprise Market board of the Hong Kong Stock Exchange, had entered into a letter of intent with Philipp Plein International AG and Plein Sport AG to record the intention to start a business collaboration initially in Singapore, Malaysia and Thailand (territories).
The business collaboration and arrangements include the appointment of Furniweb as the authorised dealer for the distribution, promotion and sale of luxury fashion apparel carried on under PPI’s trade name and/or lifestyle fashion apparel carried on under PS AG’s trade name in the territories.
Philipp Plein, the high-end luxurious fashion brand from Switzerland, was founded by a German designer, who is known as the “King of Bling”.
The first outlet in Bangkok was opened last Wednesday at the prestigious department store, IconSiam Mall in Bangkok. This latest opening is part of a strategy of retail expansion within the Asian market. In total, there are over 200 Philipp Plein stores globally.