Versace, owned by Capri Holdings Ltd, is eyeing to launch more than 100 new stores by 2022. The luxury fashion brand aims to expand its global retail footprint from about 188 stores to 300 over the next three years.
Capri Holdings, which is also the owner of Michael Kors and Jimmy Choo, had purchased Versace last year for about $2.2 billion.
Jonathan Akeroyd, CEO of Versace, said, “It’s very clear that the productivity in our stores is not what it should be. We need to rapidly increase productivity and this will really be the real driver to reach us to our $2 billion target.”
Over half of Versace’s stores are in Asia, with 40 locations in China. The brand is slated to launch a store in Beijing this week, which will be the largest location in the country, while eyeing other locations in Paris and London.
John Idol, CEO, Capri Holdings, stated, “The company will also build on Versace’s luxury runway momentum to reach its revenue goal. Our fashion shows have some of the most followed, engaged customers of any luxury brand in the entire world.”