Versace Invested 10 Million In China

Versace Group has invested 10 million euros in China to set up nine new stores, all of which are expected to operate in 2007. It is learned this may just be a beginning.

Group Executive Director Giancarlo Di Risio and designer Donatella Versace are in Beijing for brand publicizing and they will go to Shanghai and Hong Kong after that.

Giancarlo Di Risio started to take over the management of the Group from August 2004.Within two years, the company’s turnover increased to 148 million euros, the original debt of 120 million euros was basically removed, while cash flow increased from two million euros from 16 million euros.

Giancarlo Di Risio said, “We have an agreement on the strategic direction, as we enter China, that is to re-adjust the brand position, we hope Versace brand is not just a simple fashion brand. Instead, it should be a luxurious brand. Fashion always comes and goes in great haste, but a luxury will always exist. I do not agree that China is a type of B market that could only be used to increase market sales. I believe that a long historic name, like ‘VERSACE’, is a brand that Chinese consumers are looking for.”

This is the first time for Designer Donatella to visit China, she said at a news conference with a bit shy, “I am a delicate woman. So in all my fashion creations, I think most of the women who have figures, similar to mine. And most Chinese women have much same body figures like me, perhaps it is one of the reasons why we can achieve tremendous success in China.”

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