P448 Receives Strategic Investment From Mark Wahlberg
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Sneaker brand P448 has a new investor in Mark Wahlberg.
The actor and entrepreneur is officially a strategic investor in StreetTrend LLC, the footwear and apparel company that designs, manufactures, distributes and sells P448, among other footwear brands, and has taken a significant minority financial stake in the business.
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Founder and chief executive officer Wayne Kulkin said Wahlberg is a “strategic minority partner,” who will not be passive partner. “We will collaborate and create things for him personally,” Kulkin said. “He has such a vast network of celebrities, musicians and athletes so we can run ideas by him.”
Wahlberg joins Kulkin and Jeffrey B. Hecktman, a longtime brand investor who leads international financial services firm Hilco Global, as a partner, as well as former Neiman Marcus president and CEO Karen Katz, who was added to the team as non-executive chairman of the StreetTrend Board in 2020.
Kulkin said the connection was “something totally random.” Hecktman met Wahlberg while on vacation. The two bonded as Hecktman’s stay extended to a month due to COVID-19 restrictions. Kulkin said they would send Wahlberg shoes but never partnered on this level. The actor promoted the brand on Instagram as well.
“I am excited to be a part of such a unique brand that fits my personal style and cares about sustainability,” said Wahlberg to WWD. “CEO Wayne Kulkin is a passionate and knowledgable sneakerhead, and I look forward to being part of this project.”
Wahlberg adds P448 to his list of ventures and investments that include clothing line Municipal; tequila company Flecha Azul; fitness chain F45; film production company Unrealistic Ideas, and restaurant Wahlburgers that he cofounded with his brothers Paul and fellow entertainer Donnie and supported with a reality show on A&E of the same name. He is also an avid sneakerhead with his own limited-edition pair of Air Jordan 4 sneakers themed after the Wahlburgers chain.
“Stars aligned,” Kulkin said. “It will be a really productive and fun partnership.”
The founder and CEO has been back and forth between the States and Europe, more specifically Italy, to lay the groundwork with factories in the country and ensure P448’s aggressive expansion.
P448 opened a stand-alone retail location on Fifth Avenue in New York City in September on a six-month lease and moved to a new location near Saks Fifth Avenue for an 18-month lease. The footwear brand opened a Miami store in December and recently opened in Paris on Saint Honoré near stores like Hermès and Lanvin. The Paris store has a speakeasy bar that serves Wahlberg’s liquor.
Kulkin said he is in final negotiations for a Los Angeles location and sees London as a priority for the brand. As for 2022, he projects an 80 percent year-over-year increase and aims to double the e-commerce business.
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