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Versace extends Versace Jeans Couture license with IT Holding

Sep '05
Luxury goods player IT Holding S.p.A. and Gianni Versace S.p.A. announced in Milan, the signature of important strategic cooperation agreements for the launch of new projects to impact theyoung lines market segment internationally.

In particular, the agreements arise from the definition of innovative projects in terms of design, product, distribution and boutique and shop-in-shop concepts, aimed at guaranteeing an ever more incisive presence of the Versace brand in market segments, that are showing great appeal and offer an important growth potential.

This strategic vision has determined the choice, on behalf of IT Holding and Versace, to invest new and important resources on the development of the young lines, on one hand taking advantage of the strength and creativity of the Versace brand, and on the other hand taking advantage of the proven track record and know-how in terms of production and distribution of Ittierre (the young lines division of the IT Holding Group), that will further strengthen its work team.

In this context it has been agreed to renew the Versace Jeans Couture license, due to expire in 2007, in advance, thereby postponing the expiry to the Fall/Winter 2012/2013 season and, at the same time, to develop, without causing an overlap in image, product or distribution, the sportswear market, sector through the new Versace Sport collections.

The license agreement for the Versace Sport collections, formerly produced and distributed by the Versace Group, will take effect from the Fall/Winter 2006/2007 season and will expire upon completion of the Fall/Winter 2012/2013 season.

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