The Surprising Business Move Versace Is About To Make
Versace is opening up a string of retail stores in Shanghai, Paris, and Tokyo with Los Angeles and New York possibly on the way as well.
Luxury Brand Versace has made a surprising move this month, revealing a range of new flagship stores. The Italian brand just finished showcasing its new collection at Milan Fashion Week and will have new flagship stores in Paris, Tokyo, and Shanghai. New stores in New York and Los Angeles will follow later this year.
All these new flagship stores will feature a reimagined Versace retail concept. This concept will be rolled out to the brand’s impressive 212 luxury boutiques worldwide in 2023. It also has 1,500 distributors who will receive the new branding.
Versace CEO, Emmanuel Gintzburger, said, “The recent openings in key luxury cities – Shanghai, Paris, Tokyo, or soon LA and NYC – will strengthen the luxury positioning of the House, and I am excited to continue this branding strategy moving into 2023 and beyond.
With a yearly turnover of over one billion euros, Versace is one of the world’s most recognized luxury clothing brands. It is acknowledged all over the world for bringing culture and Italian luxury to the mainstream. The gold medusa head, a nod to Italian arts and history, is synonymous with Versace’s branding. Its brands hold a range of merchandise, including ready-to-wear, bags and accessories, jewelry, eyewear, fragrances, watches, Atelier Versace haute couture, and home furnishings.
The new concept spaces are described to give the consumer a “clear sense of the Versace universe.” Its design will feature marble and ceramic with gold accents. This is a nod to the brand’s Italian heritage and iconic branding. It will “highlight its unique luxury spirit.”
This new stage of Versace is due to the evolving challenges retailers have faced since the COVID-19 global pandemic and hyperinflation, including global sourcing and a change in consumer purchasing habits. They have recently revamped its retail strategy by opening new flagship stores with new branding, strengthening its multi-channel approach, and increasing its efficiency in business planning processes.
To complete this new overhaul, they have partnered with Board, the leading company in intelligent planning solutions. Board was an easy choice as they have worked with Versace previously. Francesco Loporcaro, IT Manager for Versace, said, “Board’s Intelligent Planning platform provides the flexible and easy-to-use solutions essential to support the innovation and growth of our brand.”
Marco Limena, CEO of Board, released a statement, saying, “We are thrilled that a brand as important to the luxury retail landscape as Versace has selected Board. Omnichannel strategy combined with changing customer needs and supply chain challenges requires a continuous evolution and innovation of planning processes in response to evolving challenges in the retail market.”
In an ever-changing global market, even iconic luxury brands like Versace have to sit down, rethink, redesign and refocus to get the best out of their products and brand. Smaller, independent brands should take solace than even the giants in their field are not sailing through such a volatile time in the retail market.
