Versace Returns To Chicago; Brand Opens New Store In The Windy City

{Source: Fashion Times / www.fashiontimes.com}

Italian luxury label Versace just opened a two-story, 4,951-square-foot flagship at 933 North Rush Street in Chicago. Back in 2000, the brand shuttered its only store in the windy city.

“We took a hiatus [from Chicago] because, frankly, we wanted to do some work on the brand. As sometimes happens in luxury, we had overextended and our product was too widely available,” Versace’s chief executive officer Gian Giacomo Ferraris told WWD.

“We consolidated — we closed some doors, we developed a new strategic growth plan, we focused on accessories and a few other things. And now we have just completed five straight years of double-digit growth. It’s time to return to Chicago, to show the evolution and growth of the brand to this great city and clientele. We feel that North Rush Street reflects the present luxury customer balancing both the cosmopolitan and local spirit,” Ferraris said.

There are currently 21 Versace stores in the U.S., including Chicago.

Dior also plans to open a women’s boutique next door to Versace’s new store on Chicago’s Rush Street sometime this year, WWD reported.

Last week, Versace also reported strong 2015 results. Its revenues for 2015 have grown by 17.5 percent to $709.5 million. The brand plans to open more stores and also expand its e-commerce.

“Versace had an outstanding year in 2015, showing resilience in the face of a tough environment for the global luxury industry,” Ferraris said in a statement, according to Luxury Daily. “Under the creative leadership of Ms. Donatella Versace, we have a unique point of view in fashion, a high quality product and growing engagement with the new generations. In the past 12 months Ms. Versace and her formidable creative team have continued to strengthen Versace’s fashion language, and to infuse the brand with relevance to today’s luxury consumers.”

{Source: Fashion Times / www.fashiontimes.com}