Versace Archives - Inside Retail Asia
Chinese brand ambassadors of fashion labels from Coach to Givenchy have severed ties with the companies over products which they said violated China’s sovereignty by identifying Hong Kong and Taiwan as countries.
Italian luxury label Versace and its artistic director Donatella Versace apologised on Sunday after one of the company’s T-shirts was widely criticised on social media in China for identifying Hong Kong is a country. Versace, which was bought by US-based Capri Holdings in September, said on its Weibo account that it had made a mistake and as of July 24 had stopped selling and destroyed the T-shirts.
At headline level, the latest Capri results looks to have been a good quarter for the fashion retail owner, with revenues up by a solid 11.9 per cent.
Versace China’s new flagship has opened in Beijing as part of a concerted plan by the fashion label’s new owners to expand its footprint globally.
Versace will open its largest store yet in China this week, part of a concerted plan by the fashion label’s new owners to expand its footprint globally.
Italian fashion label Roberto Cavalli has shuttered its stores in the US and will liquidate its entire operations in the territory.
With the completion of its acquisition of Versace, global fashion group Michael Kors Holding has successfully transitioned.
Michael Kors sales grew 9.3 per cent to US$1.25 billion during the second quarter – but the figures were flattered by new acquisitions.
Michael Kors plans to expand the Italian label to 200 to 300 stores.
Dutch department store operator Topshelf appears to be closing down.
While Versace revenues rose 3.7 per cent for its latest fiscal year, expansion led to a consolidated loss of €7.4 million (US$8.4 million).
Timex Japan has launched with a two-storey store in Tokyo.