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The Italian house becomes one of the last brands to increase its prices. After Prada, Chanel or Rolex, Versace also takes the step.
Because of (or thanks to) the covid, the prices of many luxury brands have increased significantly.
Louis Vuitton, Cartier or Bottega Veneta are increasing their costs on certain items. These are mostly “must have” items, such as handbags or shoes.
An added value that pushes other companies to do the same. Versace is one of them.
At a retail conference, John Idol, president and CEO of Capri Holdings, which owns Versace, said, “We recently made the decision to take Versace to a higher level than it is today. We know that many of our competitors are priced significantly higher than we are.”
Capri Holdings follows suit
Contrary to what one might think, the Italian firm’s price increase is not in line with inflation but with its peers. Even if the luxury house does not have the heritage of houses like Prada or Louis Vuitton, it offers enough strength of identity and excellence of its products to play in the “same court” as them.
The luxury group is not only increasing prices for Versace, but also for Jimmy Choo and Michael Kors: “There will be more price increases for Michael Kors and Jimmy Choo next year and we continue to raise and get the right positioning for these two brands,” announced CEO John Idol.
This revaluation of these prices should bring Versace closer to their goals.
At a Goldman Sachs Retail conference in 2020, Capri Holdings had confided that 2 billion dollars in sales were targeted at Versace. And that the goal was to get 60% of its revenue from accessories and shoes and increase global retail sales in 300 stores.
The world of luxury is changing
With the health crisis, the costs of materials, production shipping and fuel have become higher. Retail prices have also followed suit.
Berstein, a wealth management and research firm, which tracks luxury prices, has made an estimate. Average increases in the sector range from 6 to 7 percent, and are as high as 15 percent for items like handbags.
A rise in costs that does not cool the customers of these prestigious brands. How far will the luxury houses go? Will the price of a bag soon exceed that of a car?
Read also>Retail Sales to Grow Across the Atlantic this Holiday Season
Featured photo : © Versace[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The Italian house becomes one of the last brands to increase its prices. After Prada, Chanel or Rolex, Versace also takes the step.
Because of (or thanks to) the covid, the prices of many luxury brands have increased significantly.
Louis Vuitton, Cartier or Bottega Veneta are increasing their costs on certain items. These are mostly “must have” items, such as handbags or shoes.
An added value that pushes other companies to do the same. Versace is one of them.
At a retail conference, John Idol, president and CEO of Capri Holdings, which owns Versace, said, “We recently made the decision to take Versace to a higher level than it is today. We know that many of our competitors are priced significantly higher than we are.”
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The Italian house becomes one of the last brands to increase its prices. After Prada, Chanel or Rolex, Versace also takes the step.
Because of (or thanks to) the covid, the prices of many luxury brands have increased significantly.
Louis Vuitton, Cartier or Bottega Veneta are increasing their costs on certain items. These are mostly “must have” items, such as handbags or shoes.
An added value that pushes other companies to do the same. Versace is one of them.
At a retail conference, John Idol, president and CEO of Capri Holdings, which owns Versace, said, “We recently made the decision to take Versace to a higher level than it is today. We know that many of our competitors are priced significantly higher than we are.”
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