History of VersaceIn 1978 Gianni Versace created his self named brand, otherwise known as Versace. In this same year Versace‟s first boutique was opened in Milan and the first womens wear collection designed, called Gianni Versace Donna.Known as the House of Italian Fashion, Versace had instant success and Gianni was not afraid to combine fashion with art, music and theatre.It was only a year later that Gianni collaborated with Richard Avedon (a famous American photographer) for Versace‟s first photographed campaign, they work together many times after this.In 1989 Versace launched their first Haute Couture collection in Paris, this was widely excepted.Since the death in 1993 of Gianni Versace his sister Donatella Versace took over as the Creative Director. She has since created the „Young Versace‟ line, opened the Palazzo Versace (a 6 star resort in Australia) and started and interior and home line along side their mens, womens and childrens collections.
Brand ValuesVersace is centred round the idea of combining a world of fashion with glamour and sexiness, known as „The Versace Myth‟The company “designs, manufactures, distributes and retails luxury products from haute couture to prêt-a-porter collections, jewellery and perfumes.”Versace make a lifestyle for their customers through the products that they offer. The idea of luxury have stuck with them since the launch in 1978, and they provide a boundary-free, consistent and glamorous brand to their clients and customers.
Product Life CycleRising Star ?/ Problem Child Palazzo Versace Versace Unique – Luxury Touch screen phonesCash Cow Dead Dog Handbags, Sunglasses and fragrances
Pricing Pyramid One offs, red carpet dresses, haute couture and the Atelier Collection & Homeware The Versace Collection, handbags, clothes shoes. Sunglasses, Perfumes, accessories and Versace for H&M collections.
Target Audience“APPEALS TO A MAN WHO LIKES TO LOOK SHARP AND STRIKING” (versace.com)“CONFIDENT, STYLISH WOMEN WHO ENJOY LOOKING BOTH SEXY AND SOPHISTICATED” (versace.com)The Versace brand has designed their target audience along with their clothes, and they go hand in hand. The brands products creates the lifestyle and the customers live this.Recently however Versace has tried to expand their audience and brand creating collections for high street store, H&M.
Marketing & PRLike most luxury brands Versace likes to make an impact with their print advertisements.Celebrities wearing their clothes to award ceremonies and events creates hype around the brand and get people talking about it. It was make people want the lifestyle that Versace can offer.
Place & DistributionApproximately 100 luxury boutique in some ofthe most „exclusive‟ cities in the world.(London, New York, Paris, Hong Kong, Dubai, Rome, etc)These boutiques are known as the perfectenvironment to showcase the brand.Versace also sell exclusively in luxurydepartment stores, such as Harrods.Versace use the same materials in everyBoutique, Marble and Leather.
SWOTStrengths Weaknesses Well known successful brand. A lot of competition. Have branched out into different industries.Opportunities Threats High street collection (not H&M.) High street replications. Make up range, adds to their perfumes. Economy.
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