Thom Browne’s Path to $500 Million, 500 Square Feet at a Time

When Thom Browne opened its first retail store in France, it didn’t opt for a glitzy, multi-level storefront in Paris, like many luxury brands would do. Rather, it opened a 500-square-foot outpost in the Mediterranean resort of Saint-Tropez, tucked away inside the members-only beach club Épi.

The subway tile-coated store, which is available to shop by appointment only, aims to be small but mighty: Following its parent company Zegna’s 2021…