Versace Plots 88 New Stores

The parent company of Versace (Milan, Italy) said it’s aiming to increase the luxury fashion brand’s footprint from 212 stores to 300 by the end of its current fiscal year, Retail Dive reports.

Executives of Capri Holdings – which operates the Versace, Jimmy Choo and Michael Kors brands – disclosed the plan to analysts in discussing its fiscal third quarter earnings report. The fashion conglomerate reported a 29% increase in revenue for Versace and said the brand is connecting with younger shoppers at physical stores.

The article cites a research note from GlobalData Managing Director Neil Saunders:

“Much of Capri’s success came against a backdrop of robust consumer spending with shoppers eager to treat themselves to luxury clothing, accessories and footwear during the holiday period as they socialized more. Gift buying was also elevated with high-end apparel featuring on the gift lists of more consumers than in the prior year. All of Capri’s labels benefitted from this trend, but as has been the case for a long time, some benefitted more than others.”

Read more at Retail Dive.