Versace, the fast fashion brand from Italy, is set to further spread its global presence with core focus on Asia, particularly China.
In its commitment to implement this business plan, Versace will be opening its largest ever store in China by this weekend.
Capri Holdings Limited, the new owner of Versace, has announced that it will launch dozens of outlets every year, in addition to revamping all its old stores. The entire objective is to the increase the annual sales of the brand by two times and the opening of the biggest store in Beijing is one step in that direction.
Of its existing 188 stores globally, over half of them is in Asia alone, with China incredibly boasting 40 of them. The brand now plans to increase the number of global stores to 300 by the year 2022, and yet again the focus is on Asia.
The brand has made it clear that it will be investing a lot on its marketing as it now plans to go beyond its apparel products and focus on accessories as well. Notably, accessories at present account for only 30 per cent of company’s sales, which Versace soon intends to increase to 60 per cent.