Earthquake and tsunamis could not keep Versace from Japan.
After some delays due to the natural disasters, Versace will proceed with plans to open stores in Japan and add to its Asian income stream. The company already derives 30 percent of its income from China.
Versace closed stores from Japan in 2009 and opened stores in Singapore, China and Southeast Asia. But Versace revealed their confidence in Japan now and will open 4 stores there in September 2011. The total number of Versace stores around the world will expand to 80 to 85 from 77.
After the death of the founder of Versace - Gianni Versace - in 1997, Versace was under threat of bankruptcy in 2004. However, it became stable under current CEO Gian Giacomo Ferraris’ professional management.
Meanwhile, Versace strongly denied a possible sale of the company and said it won’t join the mergers and acquisitions trend that’s sweeping the luxury brand industry.