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Versace set to open 30 more stores this year

Versace set to open 30 more stores this year

Rapid expansion for the Italian icon


Iconic Italian fashion house Versace has revealed that it is planning to continue its expansion and is set to open more than 30 stores worldwide this year...

The future is looking bright for Gianni Versace S.p.A. with a $208 million investment from Blackstone last year and sustaining strong sales throughout 2014, the iconic Italian luxury brand has announced that it is set to open 30 more stores this year.

Revealing the companies 2014 earnings report yesterday, it showed that retail sales were up by 16% and increasing gradually. Since hiring Anthony Vaccerello as creative director of Versus Versace, tts diffusion line doubled in revenue.

Versace is still currently a privately owned company and another announcement reveals that International Financial Standards (IFRS) has taken over from its original accounting system. CEO Gian Giacomo Ferraris, previously of Jil Sander has commented on the promising reports stating he expects that Versace will have another year of double digit growth in 2015 and that development of retail outlets, the diffusion line, Versus and e-commerce for the Italian brand will continue to be of importance.

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