Versace is a relatively young brand, having been founded in the late 1970s, but is it a luxury brand?
Versace is considered a luxury brand, as it ticks several of the boxes required to be classified as such. It’s relatively exclusive, expensive, and favored by the world’s elite. Versace’s products can be remarkably pricey, and they’re well known for their high-quality production.
Read on to learn more about Versace, its products, and where it fits into the wide world of high fashion.
The Rock And Roll Designer
When the late Gianni Versace founded his fashion label in 1978, it was with a vision of disruptive, revolutionary designs. He endeavored to create fashion items that would be like nothing the world had seen before, and up until his untimely death in 1997, he succeeded.
Versace outfitted some of the biggest names in music, such as Elton John and Michael Jackson, and also took a liking to equipping high-society women. Reportedly, Versace personally designed outfits for the likes of Princess Caroline of Monaco and Diana, the late Princess of Wales.
It took Gianni Versace just four years to take Versace from a basic Italian fashion label to an expansive and broad house. By the early eighties, Versace was producing and distributing accessories, homewares, jewelry, and multiple lines of apparel.
Unfortunately, Gianni Versace’s prestigious life was tragically cut short when he was the victim of an obsessive serial killer at his home in Miami Beach. In July of 1997, he was approached by a spree killer who shot him dead on the steps of his mansion.
Today, the Versace label lives on, and it still holds true to the earliest foundations established by Gianni Versace. However, the formula has changed slightly, owing to a complete buyout in 2018, whereupon Michael Kors Holdings acquired all outstanding shares of Versace, paying some two billion dollars.
Although, there are still familial connections in place, with the legendary Donatella Versace serving as the artistic director for the organization. She’s the sister of Gianni Versace, and she’s probably the most recognizable face in the entire company.
Once upon a time, Donatella was the vice president of Versace, and served for several years as the organization’s CEO, following the death of her brother. She’s a highly awarded fashion designer with an eye for game-changing creations.
But Is Versace A Luxury Brand?
There are several factors that make a luxury brand a luxury brand, ranging from the cost of its products to the people who actually wear them. When you look at Versace, there’s almost no questioning it – it’s certainly a luxurious brand.
Firstly, the average Versace product will set you back at least a few hundred dollars, and in some cases, you could be paying tens of thousands of dollars. For example, we took a look at Versace’s website and found plenty of handbags with price tags of two thousand dollars or more.
There have been many websites that have taken Versace’s most expensive products and showcased them. The world has seen one thousand dollar Versace shirts, and five thousand dollar Versace dresses in recent years – the cost factor is certainly present.
As you might expect, the higher cost per product leads to exclusivity of the product – if it’s more expensive, fewer people can buy it. That’s another leading factor for a luxury brand; if fewer people own it, it becomes rarer and more desirable.
This is certainly the case with Versace, and like many other luxury brands, it’s that sought-after aspect that drives most of its sales. It’s a never-ending circle that ensures there’s always a customer base picking up the products when they’re released.
Finally, we mentioned that a brand must be ‘marketed’ by the world’s elite if it’s going to be considered a luxury brand. If you see your favorite actor, socialite, CEO, or artist wearing a product, you subconsciously acknowledge that that product must be something special.
Now, we already know that Versace has long been a desired label among the world’s celebrities, and that’s something that still rings true today. For example, US Magazine ran a spread in 2020 that showed female celebrities wearing Versace’s bolder dresses.
When a brand is worn on the red carpet, every fashionista and haute couture aficionado wants a taste. That’s how Versace has stayed in the limelight for so many years, and that’s another factor in establishing it as a truly luxurious brand.