Transgender influencer promoting Versace's collection amidst brand's sales decline
Controversial transgender influencer promotes Versace's new women's collection amidst the brand's decline in global sales; similar move with Bud Light led to a national boycott. Versace's parent company CEO attributes sales drop to brand leaning too hard into 'quiet luxury' concept.
Key Points
- Versace's global sales declined 15% in 2024's third quarter
- CEO attributed the drop to the brand focusing too much on 'quiet luxury' and reducing lower-priced offerings
- Plan to introduce a wider range of products in the next fiscal year to appeal to more consumers
Pros
- Promotion of inclusivity and diversity in fashion industry
Cons
- Potential backlash from consumers not accepting transgender influencers in fashion campaigns
- Negative impact on brand's sales due to controversial marketing approach