Versace Forecasts Its Asian Market Development

At the time of the global economic crisis, luxury brand Versace predicted that its Asian consumer market revenue would increase.

Group CEO expects that Asia will become Versace's second highest market in the world by the end of next year.

"Versace does not feel the pressure of the economic crisis as other brands do, because our position is very high," said Versace CEO Carlo Carlo, "in 2007, our brand has decided to focus on investing and developing the Asian market, especially the Chinese market."

Delisle said that although China's economic growth is not like the previous 11%, it still keeps at 8%.

Versace will invest $56 million to open up new markets in Asia. This year, it will open more new stores, 9 of which are located in Hongkong, China, and one in Macao, Taiwan and the mainland.