Capri Holding, which bought Versace for $ 2.2 billion at the end of last year, is expected to open dozens of stores and upgrade existing ones. Their goal is to double Versace’s annual sales.
In addition to shop openings, Versace will spend more on marketing because they want to focus more on accessories and handbags in the future. Jonathan Akeroyd, CEO of Versace, said that at the moment, the productivity of stores does not bring the expected level.
Akeroyd wants to double the number of stores to reach $ 2 billion in global revenue per year.
The brand opens its new store in Beijing this week, which will be the largest in China. In addition, there is a plan to relocate a new business in London and Paris. All stores will run under the name of Versace, as Capri has eliminated the two brands, Versace Collection and Versace Versus.