SYDNEY: The Australian licensors for luxury fashion brand Gianni Versace will exit the apparel sector when the brand's network of stores close at the end of this month.
Sydney-headquartered Zestland, which had held the domestic Gianni Versace wholesale and retail licence for more than 13 yeas, had told Ragtrader it would neither renew its licence for the brand or take on new fashion clients for the Australian market. It is understood the company had two offshore directors with commercial interests outside of the fashion sector and one local director, Kiat Seng Hll.
While a confidentiality clause meant the company could not comment on the reasons it had shutdown its Gianni Versace operations, it is understood more than 70 retail and head office employees will be affected by the closures.
It was confirmed Versace's network of four boutiques across Sydney, Melbourne and Queensland would all shut within the next week.
This meant Versace's couture and first line ready-to-wear collections would no longer be available in the Australian retail or wholesale market following this period.
Head office operations in Sydney would also close by the end of the month, signalling the end of Zestland Australia. A representative at the company, who did not wish to be named, said the group had enjoyed the "highs and lows" of operating Gianni Versace in Australia.
"The brand is fantastic. It's been a great ride but once the closures are finalised, Zestland will wind up its operations here," the spokesman said.
It is understood Gianni Versace's Italian arm could be in discussions with interested parties for the Australian licence, meaning the brand's couture collections might make a resurgence as early as next season.
Versace's homeware, eyewear, fragrance and select denim collections were not part of the Zestland portfolio and would continue to be marketed in Australia through independent licensors.
Waterford Wedgwood held the distribution rights for Versace's homeware/china range while Luxottica Group managed eyewear collections and fragrances were supplied by Rosebery-headquartered Trimex.
Zestland's network of Australian stores included a site in Queensland's Palazzo Versace hotel, Melbourne's Crown Casino complex, Sydney's Sheraton on The Park Retail Arcade and Westfield Bondi Junction.
Versace's brand portfolio included Gianni Versace Couture, Versace Jeans Couture, Versace Home Collection, Versus and Versace Collection.