Versace has big expansion plans.
During its investor day on Tuesday, executives at the company announced plans to open more than 100 new stores over the next three years.
“It’s very clear: The productivity in our stores is not what it should be,” Jonathan Akeroyd, Versace’s CEO said on Tuesday, Bloomberg reported.
He continued: “We need to rapidly increase the productivity and this will really be the real driver to reach us to our $2 billion” revenue target.
The luxury brand was bought by Michael Kors in September 2018 in a $2.12 billion deal.
At the time, Michael Kors, now Capri Holdings, outlined its plan to more than double Versace’s revenue to $2 billion. In 2017, Versace posted revenue of 686 million euros, equivalent to around $772 million at today’s exchange rate.