Versace have announced that they will be launching their largest store in China, later this week. Which is part of a plan by the new owners of the label to expand the Versace footprint globally.
Capri Holdings, which also owns Michael Kors and Jimmy Choo, bought Versace from Donatella Versace late last year for an eye watering US$2.2 billion. Capri are now implementing a plan to double the label’s worldwide sales with at least 112 new stores scheduled by 2022 along with a refurbishment program for the existing network. The new Beijing store being a fundamental key in their plan to expand their footprint globally.
Current;y, Versace has 188 stores worldwide, however the brand has stipulated that they would like to achieve 300 within the next three years, with Asia being a big benefactor from the plan, which already accounts for more than half of the network. China currently has 40 stores.
Along with new openings and revamps of existing stores, Versace will boost its product offer, adding more handbags, footwear and leather goods to its high-end clothing range. Accessories currently account for just 35 per cent of Versace’s sales and the company wants to lift that to 60 per cent.
“It’s very clear: The productivity in our stores is not what it should be.’ – CEO Jonathan Akeroyd told an investors briefing this week. He plans to double the sales per square foot across the network.
