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Versace exits Japan

Versace has closed its Japanese stores and is to reassess its global strategy under new chief executive Giangiacomo Ferraris, who was appointed in June.

A spokeswoman told Reuters: “Following the arrival of the new chief executive, the entire business strategy is under review.”

The Italian luxury label has closed its Japanese stores but plans to retain a presence in the country via new distribution channels.

The Versace spokeswoman said: “The Versace boutiques in Japan no longer represented the brand image, and it was felt to be more advantageous for the company to close them and start with a clean slate.”

She added that Versace in Japan will “actively and aggressively pursue new locations and more suitable distribution channels”.

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