While some retailers Opens a New Window.look to shut down stores amid the rise of e-commerce Opens a New Window., Versace said Tuesday it was doing the opposite — planning to open more than 100 stores by 2022.
The luxury fashion brand’s owner, Capri Holdings Ltd., said at an investor day Opens a New Window. Tuesday it’s planning to increase Versace’s global retail footprint from about 188 stores to 300 stores by 2022 while renovating existing locations.
Capri Holdings, which also owns Michael Kors and Jimmy Choo, purchased Versace last year for about $2.2 billion.
“It’s very clear: The productivity in our stores is not what it should be,” said Versace’s CEO Jonathan Akeroyd on investor day. “We need to rapidly increase the productivity and this will really be the real driver to reach us to our $2 billion [target].”