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Versace CEO Giancarlo Di Risio was emphatic when he stated that Versace would not drop its prices due to the economic climate. However, the fashion house seems to have come up with another way of dealing with the less well heeled who aspire to the Versace label. they are relaunching the Versus line as a more “aspirational” brand with greater accessibility.
Versus, a youth focussed line, was originally created in 1989 by Gianni Versaci as a project for Donatella.
The relaunched brand is expecting a turnover of more than 700 million euros in the first five years and will be operated under a new company – VSV, operated by Gruppo Facchini and their CEO Mathias Facchini. The first range for men & women will be Spring/Summer 2010.
Versace have been fanatical in maintaining the status of their lead brand. More than a few in the industry questioned Di Risio when he made the statement in January that Versace’s core customer did not queue for bargains at post-Christmas sales in Italy’s fashion capital, but was “on the slopes in St Moritz or on a boat on the Caribbean.”
This announcement to re-launch Versus however shows that Versace aren’t in a state of denial but rather will not compromise their brand positioning for anything – not even the world economy collapsing. But equally they recognise that there is a large market out there which their lead brand is simply unable to reach. Rather than compromising that label they’ve launched a new one.
“These are two very different brands … Versace is a brand that represents the high end of luxury,” Di Risio said.
“Wanting (Versace) to remain at this level, we thought of Versus as offering … more man on the street prices and offers … to cover a different audience.”
“It is a market that we do not have,” he added.
Di Risio said Versus would open 20 boutiques by 2011 all over the world.
