Versace enters second phase of its expansion scheme

Italian fashion label Versace is said to have entered into the second phase

of its ongoing expansion plans, which were previously established after the label sold a 20 percent stake to Blackstone Group earlier this year.

With the funding the Italian label has received from its investment, Versace aims to expand its retail network, following the opening of a 7,560 square foot store in Hong Kong end of May. The label is also preparing to open a new flagship store in Galleria Vittorio Emanuele II during Milan Fashion Week in September.

Gian Giacomo Ferraris, chief executive officer of Versace revealed to WWD that the new store would showcase the label's growing accessories range. He added that Versace was doubling the rollout of its fusion line Versus across the global, with focus on the UK and Asia. “This year will be one of a gentle, double-digit [like-for-like] growth,” he concluded, highlighting the stability of the US.