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Versace Plans to Open Dozens of Stores a Year to Meet $2 Billion Goal

  • Capri Holdings wants 300 locations by 2022, up from 188
  • New owner unveils plans after $2.2 billion purchase last year
A pedestrian passes a Versace store in Milan, Italy.

A pedestrian passes a Versace store in Milan, Italy.

Photographer: Francesca Volpi/Bloomberg

Versace’s new owner wants more stores, and it wants them fast.

Capri Holdings Ltd., which bought the Italian fashion label for about $2.2 billion late last year, plans to open dozens of stores annually and renovate existing shops to reach its goal of doubling Versace’s annual sales, executives said at an investor day Tuesday. The company also will spend more on the brand’s marketing as it expands into handbags and accessories.