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this is pretty much spot on, but i would add that the long-term goal for PNS seems to be a lot more fashion-related than Rapha, which seems obvious. they were having a pop-up corner in Soho for a while along with other brands, WoodWood among them..
About the "club" though yes, the rides pics are a somewhat painful ... let's just say that diversity does not come naturally
Glws
A lot of what PNS are or aspire to be is basically "Rapha 10 years ago". A lot of their ambassadors are ex-Rapha. A lot of the regulars on their rides are ex-RCC. Their doing a January 500 of sorts. They have a mobile cycle club. etc etc. It's well executed, but not very original.
They're obviously very popular here in their hometown and a lot of their customers moved on (up?) when the plebs / recreational riders started to wear Rapha. The irony is for a brand owned by a fashion designer their loyal customers pretty much wear a uniform (block colour jersey, white sock, white S-Works shoes, Prizm road Oakley etc. And half of them ride S-Works Tarmac or their Cannondale collab. You should see their club ride. It's about status but in a very let's not stick out too much Danish way.
Can't deny the commercial success though. Here at least.