Versace eyes Asian market

The future of Versace will see the Italian brand expand its Asian business as well re-focus on its menswear, jewellery and fine watches. Versace's CEO Giancarlo Di Risio said in a statement to WWD that the company's goal was to make Asia its second most important market after Europe, replacing the U.S.

"For an international brand, America is an important market," Di Risio said. "But our growth is global....America has represented our second market after Europe. Our objective in 2008 is to put Asia into second place.'' The company is further smoothing its operations by consolidating its offices to one building. The new headquarters, a five story, 65,000 square-foot building is a short walk from Versace's atelier on Via Gesu. The home of the late founder Gianni Versace continues to house Versace's showrooms and design studios.

"Everything has been done in-house," Di Risio told WWD. "This was a strategic choice and reflects the culture of Versace today."

The first Versace boutique was opened in Milan's Via della Spiga in 1978, and its popularity was immediate. Today, Versace is one of the world's leading international fashion houses, though not without its tribulations as with most Italian-family run houses. With Donatella Versace as its creative head, the company continues to design, market and distribute luxury clothing, accessories, fragrances, makeup and home furnishings under the various brands of the Versace Group.

After seasons of making losses, in March this year the company announced it make a net profit of 19.1 million euros ($25.48 million) in 2006 and said it would open more stores in Asia this year.