Versace has big expansion plans. During a recent investor day, executives at the company announced plans to open more than 100 new stores by 2022.
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“It’s very clear: The productivity in our stores is not what it should be,” Jonathan Akeroyd, Versace’s CEO said, Bloomberg reported.
He continued: “We need to rapidly increase the productivity and this will really be the real driver to reach us to our $2 billion” revenue target.
The luxury brand was bought by Michael Kors in September 2018 in a $2.12 billion deal.
At the time, Michael Kors, now Capri Holdings, outlined its plan to more than double Versace’s revenue to $2 billion.
In 2017, Versace posted revenue of 686 million euros, equivalent to around $772 million at today’s exchange rate.
Capri wants to expand from the existing 188 Versace stores to about 300 by 2022, with new locations in each geographic region, Bloomberg wrote.
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CEO Akeroyd all said that all of Versace’s 28 US stores will undergo a full refurbishment.
(Source: Business Insider)