Published by MBA Skool Team, Last Updated: December 24, 2017
Marketing Strategy of Versace analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Versace marketing mix, help the brand succeed.
Versace marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Versace Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Versace Product Strategy:
The product strategy and mix in Versace marketing strategy can be explained as follows:
Versace always believed in offering modern and fashionable products starting from its beginning. Gianni Versace, the man behind the brand, presented his first collection for Callaghan, Genny and Complice. The collection was accepted with great appreciation and that was the time when Versace came into existence in 1978 under the name ‘ Gianni Versace Donna’. The brand started by launching clothing for both men and women, but now it has moved to jewelry, accessories and home furnishings. After the death of Gianni Versace, Donatella Versace took the ownership in hand and introduced ‘Young Versace’ and ‘Versus’ in 1993. The brand enjoyed a global success and is touching sky. Versace designs customized products for famous celebrities ranging from Prince of Wales to Hollywood celebrities like Jennifer Lopez. The products designed by Versace are known for their unique products and the latest and trendy designs which set up a new style statement in the world of fashion. The product portfolio in its marketing mix includes the following:
Bed and Bath
Versace Price/Pricing Strategy:
Below is the pricing strategy in Versace marketing strategy:
Versace has placed itself in the premium section targeting high end segment of the society.
Versace attracts people with urban style lifestyle and people with high purchasing power. The company has made the price proportional to the quality and design of the products that it. This type of marketing mix pricing strategy is called premium pricing where the customers are ready to pay to get the quality product as per their needs. Versace provides exclusivity in its products and hence are charged with high prices.
Versace Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Also read Versace SWOT Analysis, STP & Competitors
Versace Place & Distribution Strategy:
Following is the distribution strategy in the Versace marketing mix:
Versace manages the commercial presence and sales activities of the Versace fashion house in Italy and across the EMEA, APAC and American Regions through the Sales, Distribution, and Retail departments. Till 1991, Versace stores were limited only to Italy, The first Versace boutique to open out of Italy was in Glasgow, Scotland. After that, Versace continued to expand globally. Versace now distributes its products using a world-wide network including more than 180 boutiques and 1500 whole sellers. In 2015, Versace joined hands with H&M and released a new clothing and accessory line which are being sold in H&M stores.
The company also has official website for clothing, shoes, and accessories for men and women to give online purchase experience to the customers.
Versace Promotion & Advertising Strategy:
The promotional and advertising strategy in the Versace marketing strategy is as follows:
Though the brand does not require any media to promote itself as its name is only sufficient but still Versace has paid a lot of attention towards making it a synonym for luxury.The logo of Versace Greek mythological figure, Medusa is equally catchy as well as lavish to make an impact on people. Versace being the brand for celebrities has directly or indirectly was promoted by these celebrities throughout its journey. The collection ‘Young versace’ and ‘Versus’ introduced by Donatella Versace in 1993 enjoyed a widespread international coverage for its ‘Black Versace dress of Elizabeth Hurley’. Versace started with sponsorship and partnership to promote more. It made a partnership with Lamborghini in 2006 producing Lamborghini Murciélago LP640 VERSACE. The interior of the car was the work of Versace. The interior of the car was designed by Versace with car seats embroidered with Versace logo. To keep the exclusivity, only 10 units of the car were produced. In 2008, Versace teamed up with AgustaWestland to create the AgustaWestland AW109 Grand Versace VIP luxury helicopter. The helicopter had Versace leather interior and a design on the outside. It also came up with Versace Residencies to promote the luxurious brand name. The brand also started with the luxurious hotel chains to keep their visibility high for the premier segment of the society. Versace also conducts and sponsors various fashion show to show their unique and bold designs. The company is also utilizing the social media to promote via official Youtube channel, official Facebook page etc. This completes the marketing mix of Versace.
Versace was found in 1978 by Gianni Versace in Milan, Italy.
Gianni Versace took fashion to some another level starting from arts and theatre to the world of rock and roll. After the death of Gianni Versace, Donatella Versace, his younger sister took over Versace as creative director and took Versace to the heights of fame.
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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