Insider scoops on the fall of Versace in India

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The coveted Italian luxury fashion house, Versace is celebrating its second innings in India as it got re-launched in December under the franchisee of Infinite Luxury Brands. After a bad experience, Versace decided not to be “twice shy” and trusted Infinite Luxury Group to make the brand available in one of the fastest growing markets-India. It stands on DLF Emporio and has been carefully designed by Architect Jamie Fobert.

Versace

While it’s a fresh start, a new beginning can never be complete without lessons learnt- nobody wants to fall in the same pit twice, right? When Versace decided to end its journey with Blues Clothing Company (BCC), the higher management preferred to remain silent and forever hold their peace. But what exactly went wrong? How can a name like Versace terribly fail in India? I happened to intern at Versace and these inside scoops were not away from my eyes. The fall happened a few months after my internship was over. When I heard that the outfits were sold at 80% discount just before it met its end I couldn’t stop cursing my fate for missing that sale! But having formed some lifelong relations, my Versace friends never stopped giving me “news”.

Deepak Silan, a former employee at Versace expressed his views, “The success of any brand depends on various factors- product, planning, place, price and promotion. There was definitely lack of proper planning. Targets were not set and hence nothing was being achieved. Promotion was done enthusiastically only in the early days. Later, BCC was not keen on investing in promotions which was a huge mistake. The place was also wrong- why would people travel all the way to a dead location just to shop at Versace?”

On being asked what according to him would be a good location, the business minded MBA graduate gave his insights, “Palladium is a good location-its more commercial and people actually go there and shop. However, I believe it will face problems soon since there is little luxury in the mall and too much traffic outside. DLF Emporio seems ideal though.” With Versace setting its foot at DLF Emporio, it seems finally it found its right place!

Apart from these factors, insiders say the franchisee was not managing the brand properly and a lot of questionable activities had started taking place. A very senior employee would wear Versace outfits and take days to return without thinking it necessary to take approval. Very “coincidentally” he had to leave the job after this act was exposed. Similar coincidences took place once again. A source has also revealed that the company was attaching new season tags to old products in desperation to get the stock cleared. Too many speculations and scandals, Versace had to withdraw from the franchisee!

Manav Gangwani, Director of the Infinite Luxury Brands expressed his joy, “We are elated to be a part of Versace’s New journey in India as their official partners in the country. The brand offers a dynamic collection and the bold styles and colors of Versace are reflective of the Indian penchant. With Versace opening in New Delhi, there is a lot to look forward to, both for the customer and for us as partners.”

Will it be a success? Or another fall? Only time can tell.

However, do visit the all new Versace at DLF Emporio, and let us know how you like the Italian concept store. Come on, we need your reviews! xx

By: Akanksha Narang

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