Furniweb signs deal with Phillipp Plein
Malaysian property developer PRG Holdings is venturing into the luxury clothing business via its 75 per cent-owned unit Furniweb Holdings.
In a filing with Bursa Malaysia, PRG says Hong Kong-listed Furniweb has signed a letter of intent with Philipp Plein International Group and Plein Sport to open shops initially in Malaysia, Singapore and Thailand.
Based in Switzerland, Philipp Plein designs, makes and retails high-class apparel (including lifestyle apparel and sportswear) for men, women and children.
Furniweb says its association with the global apparel brand will boost the company’s profile, potentially broaden its customer base for its core business in textile manufacturing, and provide growth opportunities.
Under the agreement, expected to roll out by the third quarter of this year, Furniweb will be appointed as authorised dealer for Philipp Plein, promoting and selling lifestyle fashion apparel under both brands’ trade names.