Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of Versace analyses the brand by its strengths, weaknesses, opportunities & threats. In Versace SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like Versace to benchmark its business & performance as compared to the competitors. Versace is one of the leading brands in the lifestyle and retail sector.
The article below lists the Versace SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Versace SWOT Analysis:
For Versace, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of Versace looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Versace :
1. Versace offers exclusive, breathtaking and intricate collection of clothes
2. Versace have about 80+ exclusive boutiques worldwide as well as their main headquarters in Milan, Italy
3. Very well established brand image and recognized globally
4. Offers a wide range of high quality and original luxury goods
5. Versace brands are worn and endorsed by all celebrities who enjoy looking sophisticated
6. They have about 500 employees containing an expert team of designers and stylists
7. Product portfolio also includes perfumes, watches and even mobile phones
8. Since its inception in 1978, Versace has maintained a classy and strong legacy
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Versace SWOT Analysis:
1. Fake imitations or replicas affects brand image of Versace
2. Due to tough competition there is a high amount of brand switching and restricted market share growth
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Versace SWOT Analysis:
1. Online Retail and E-marketing are gaining large amount of importance and can be tapped by Versace
2. Demand for luxury goods is always rising as people love looking striking and sharp
3. Innovative and stylishly designed products can be introduced
4. Global expansion to emerging economies where people have high purchasing power and are affluent
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Versace are as mentioned:
1. Economic recession and downturn has an impact on purchasing power of individuals
2. Other cheaper and lower brands trying to copy their classic designs and selling at much cheaper rates
3. Growing competition can cause Versace's business to reduce
There are several brands in the market which are competing for the same set of customers. Below are the top 11 competitors of Versace:
Versace offers products with a perfect blend of glamour, style and high end couture
Urban people with extremely high taste and an appeal for the most innovative and luxury products
Urban upper class individuals
Versace is a brand having a luxury feel along with chic and sophisticated design along with modern aesthetics
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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