One of the most renowned and respected luxury fashion brands in the world, Versace, is now reportedly planning to re-enter the Japanese markets, after pulling out its operations from the country in the year 2009. During the years that Versace was interacting with the Japanese consumers, the fashion giant had constructed Versace boutiques in major Japanese cities such as Osaka, Tokyo and Chiba.
With the ongoing profits as per the sales figures of Versace, Gian Giacomo Ferraris, the company’s CEO is now eyeing the Japanese markets yet against after enjoying a successful run for 30 years. During the 2009 global recession, Versace was one of the hardest hit luxury brands and as a result was force to carry out mass layoffs , so much so that the company had to move out of Japan. Versace was initially founded in the year 1978 by Gianni Versace and since then this global fashion brand has exuberated a significant class and dominated the luxury fashion vertical for more than 30 years. In an effort to streamline the transition to Japanese markets and ensure s strong foothold in the region, Versace has now hired the services of Hiroshi Saito and given him the designation of chief executive of Versace, Japan.
According to Mr. Ferraris (CEO, Versace),
“Hiroshi Saito is one of the best managers in the Japanese luxury business, and he understands Italian fashion brands better than anyone else. Japan is a key market for our industry, and it wouldn’t make sense for a global brand such as Versace not to be part of it.”