MILAN — Versace continues to invest in the North American market to expand its retail network.
While the Italian luxury fashion house, which is owned by Capri Holdings, is scouting for a new location in Uptown New York to replace its former boutique on Fifth Avenue, which closed last February, Versace has just opened a 3,070-square-foot store in the heart of the SoHo district. Located at 111 Greene Street, the store features the design concept developed by architect Gwenael Nicolas that debuted at the Versace Paris flagship in December of last year.
“I’m so excited to bring Versace back to SoHo. NYC and its downtown attitude has been such an important part of the brand and such a big source of inspiration for me,” said Versace chief creative officer Donatella Versace, referring to the fact that in the past the brand had a store on Mercer Street.
Reflecting Versace’s new concept, the SoHo boutique features a marble floor decorated with the brand’s signature Greca patterns and is enriched with Medusa-shaped sculptures.
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In August, Versace will extend its presence in the U.S. with a store in Manhasset, while the house of the Medusa will go West in the fall, inaugurating a boutique in San Diego.
These strategic openings follow those finalized in 2020 at Las Vegas’ CityCenter, and Westfield Valley Fair in Scottsdale and in Topanga. Last year, Versace also renovated its stores in Houston and the Forum Shops at Caesars Palace in Las Vegas.
While the United States is a big focus for the brand, since last summer Versace has also expanded its retail network across Europe and the Middle East. Along with the aforementioned Paris flagship, Versace has opened units in Amsterdam; Cannes; in Moscow at the high-end Barvikha Luxury Village shopping center; at the Dubai Mall; in London, on New Bond Street, as well as in Zurich and Prague.
As reported, at the end of June, John D. Idol, chairman and chief executive officer of Capri Holdings, underscored the importance of growing the retail network of the group, which also includes Michael Kors and Jimmy Choo.
By brand, Idol said the most growth opportunity lies in Versace, which the company has previously set goals to grow to $2 billion in revenues. This year, Idol said, Versace’s revenues will likely be around $1 billion, thanks to its expanded accessories category, growing Asian business (anticipated to grow to around $700 million in revenues) and increasing the store fleet around the world.
“The majority of revenue [from Versace] will come from stores,” Idol said during a planned investor meeting, adding that Versace’s “store fleet is underdeveloped compared to our luxury peers. We’re going to renovate the entire fleet by 2025.”
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