More leathergoods on the horizon for Versace
07/06/2019
It acquired the Italian luxury fashion house at the end of 2018 for around $2.2 billion, adding it to a portfolio that already included the Michael Kors and Jimmy Choo brands.
Speaking at an investor day on June 4, Versace’s chief executive officer, Jonathan Akeroyd, said this new strategy is designed to grow the brand’s annual revenue to £2 billion, around double its current value.
There are currently 188 Versace stores, but Capri wants to increase this number to 300 by 2022. This would include new locations in all regions, although a great deal of focus would be put on the Asian market. It is preparing to open a new store in Beijing, which will be its biggest in China.
In addition, Capri plans to reorganise Versace stores so that they feature more handbags, footwear and small leathergoods. Recently opened locations already have prominent displays of satchels, briefcases and backpacks.
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