Iconic luxury brand confirms more store closures through 2027

Luxury manner retailers are accelerating store closures arsenic slowing demand, economical uncertainty, and shifting user spending unit adjacent the industry's biggest names to rethink their planetary footprints.

Over the past year, respective luxury companies person announced plans to shrink their retail networks arsenic they prioritize stronger-performing locations, streamline operations, and put successful semipermanent maturation alternatively than maintaining expansive store portfolios.

Kering closed 133 stores crossed its brands successful 2025 and plans to shutter an further 100 locations, with further reductions nether review. The French multinational luxury goods radical owns immoderate of the astir recognizable luxury houses, including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, and Alexander McQueen.

Ferragamo besides expects to adjacent roughly 70 stores between 2025 and 2026, portion Burberry shuttered 21 locations during fiscal 2026.

Industry analysts bash not expect a accelerated recovery.

According to the McKinsey & Company State of Fashion 2026 Report, the planetary manner manufacture is projected to turn lone successful the debased azygous digits successful 2026, arsenic macroeconomic volatility, tariff pressures, and weaker user sentiment proceed to measurement connected demand, peculiarly successful the U.S.

Now, different iconic luxury institution is the latest to trim its retail footprint portion accelerating a broader marque transformation.

Founded successful 1913, the Prada Group is simply a Milan-based planetary luxury manner institution that owns Prada, Miu Miu, Versace, Church's, Car Shoe, Marchesi 1824, and Luna Rossa.

The Prada Group confirms Versace store closures

The Prada Group has confirmed that Versace volition acquisition further store closures successful 2026 and 2027 contempt performing successful enactment with institution expectations during the archetypal fractional of the year, according to the company's net call.

The planned closures are portion of a broader effort to destruct non-strategic locations, amended retail execution, and presumption the marque for its adjacent signifier of maturation pursuing Prada's acquisition of Versace.

"Retail execution continued to beryllium a cardinal country of absorption alongside the rationalization of the web with selected closures of non-strategic stores," said Prada Group CMO and Head of Corporate Social Responsibility Lorenzo Bertelli during the net call.

The institution has already closed 10 Versace stores since the extremity of 2025 and plans to shutter astir 10 much locations portion relocating prime boutiques to stronger markets.

"Let's accidental we volition person different somewhat smaller web adjacent year, from 2028, we volition look astatine opportunities of amended location," said Bertelli.