Versace’s acquisition by Michael Kors saw a colossal transformation of the luxury fashion brand, but CEO Jonathan Akeroyd says that some things remain the same – like its glamorous spirit, inclusivity, and Donatella Versace’s energy
In the latest instalment in our series of interviews with luxury CEOs, we sat down with Jonathan Akeroyd, the CEO of Versace, which just presented its latest collection at Milan Fashion Week. In recent years Versace has undergone a colossal transformation including its acquisition by Michael Kors and now the ongoing coronavirus pandemic. Akeroyd shares his strategies going forward and what it’s like working with Donatella Versace.
Versace CEO Jonathan Akeroyd. Photo: Rahi Rezvani/Versace
How has Covid-19 changed your strategy for Versace?
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Our headline business priorities remain the same and there has been no major change in our strategy. However, the past few months have made us look at the structure of our collections and also the timing of delivering the right product to market. We have kept our collections calendar pretty much the same, but have made the collections tighter and ensured that some capsules of each collection will have immediate deliveries.
A model presents a creation from the Versace spring/summer 2021 women’s and men’s collection during a digital show in Milan, Italy, in September. Photo: Rahi Rezvani/Versace/Reuters
In terms of the pandemic, what changes does the fashion industry need to embrace urgently?
I think the pandemic has given brands and the industry an opportunity to study and debate the overall business model and look at ways to become less formulaic. So many topics have been raised and I think this will bring positive change not just in terms of the way brands go about doing business, but also in terms of social responsibilities. Another positive change that I have noticed is that brands are going to ensure that more respect is given to the lifespan of products, while markdown periods will become later and shorter.
CEO of Versace Jonathan Akeroyd, Donatella Versace, and chairman and CEO of Michael Kors John D. Idol. Photo: Michael Kors Holdings Ltd via AP
What shifts have you made since your acquisition by Michael Kors?
The Versace brand has shifted from being an independent fashion house to a part of Capri Holdings Ltd, and we see this as an exciting new chapter. It has given us an opportunity to have a bigger ambition and growth strategy as well as resetting some of our corporate goals. We have defined a new growth strategy that will see us grow our retail network, develop and build a stronger accessory business and accelerate e-commerce and omnichannel development.
Versace’s fall/winter 2020 collection. Photo: Versace
