Internationally known luxury retailers Versace and Carolina Herrera are opening on Worth Avenue this season, bringing enterprises founded by two fashion industry legends to Palm Beach.
“Versace’s opening of a flagship store at 243 Worth Avenue signals that more of its customers are gravitating to South Florida,” said Robert Klecinsky, director of retail services for commercial real estate broker Cushman & Wakefield in Palm Beach. Klecinsky represented the landlord and worked with the tenant.
Versace, slated to open in November, is advertising on LinkedIn for managers and other staff for the 2,790-square-foot space. The company has 25 stores in the U.S., including one in Boca Raton. The late Italian designer Giovanni Maria “Gianni” Versace opened his first boutique in Milan in 1978.
“Many titans of industry, including those of the world’s most iconic fashion brands are moving to South Florida, and the affluent customer base is moving to South Florida,” Klecinsky said.
Gianni Versace S.r.l. is part of Capri Holdings Ltd. global fashion luxury group. Joined with Jimmy Choo and Michael Kors, Capri is the third largest luxury group in the world. Headquartered in London and New York, the company is traded on the New York Stock Exchange as CPRI. Palm Beach resident John D. Idol is chairman and CEO of Capri Holdings.
On Aug. 10 Coach owner Tapestry announced it will acquire Capri Holdings for $8.5 billion. If completed, the mega-merger of luxury brands will unite Coach, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo and Michael Kors under one house. The transaction is anticipated to close in 2024, the companies said. Combined, they expect to generate about $12 billion in annual revenue.
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Yvonne Jones, director of property management at O’Connor Capital Partners, confirmed that Carolina Herrera is taking over the former Louis Vuitton space in The Esplanade, 150 Worth Ave.
Venezuelan-born Carolina Herrera is known as one of the world’s most distinguished designers. She showed her first collection in New York in 1981 and designed Caroline Kennedy’s wedding gown in 1986. She opened her first flagship boutique on Madison Avenue and 75th Street in 2000.
Carolina Herrera, which has a store at The Gardens Mall in Palm Beach Gardens, will occupy 2,200 square feet in the Esplanade and feature its women’s ready-to-wear collection and accessories. It is expected to open by November, if not sooner, Jones said.
The off-season is when Worth Avenue shops change locations and new shops take occupancy, undergoing improvements from interior redesigns and buildouts to installing new awnings. This steamy summer is no different, with many changes taking place on the famous street that is home to more than 100 merchants.
“I see a lot of energy coming in the next year,” said Frank Steinhart, president of the Worth Avenue Association. “I think Worth Avenue is getting stronger than ever. After 100 years, the avenue is still the ultimate shopping destination in Palm Beach.”
Worth Avenue has been known for decades as the place to buy the latest and most coveted high-end fashions. Some shops are planning displays in conjunction with The Historical Society of Palm Beach County’s “Endless Summer Palm Beach Resort Wear” exhibit, scheduled to run Nov. 9 through May 25.
Steinhart, production manager of the family-owned shoe store Stubbs & Wootton, 340 Worth Ave., and on the Avenue for 30 years, said a number of new stores are opening, but the dates have not all been confirmed. Most expect to open by November.
New to Worth Avenue is Poupette St. Barth. The shop, which already has a strong Palm Beach following, is expected to open in November at 237 Worth Ave., Klecinsky said.
Self-taught designer Poupette Giraud opened her first boutique in 1995 in St. Barts. The boutique offering women’s and girls’ clothing has locations in New York, Greece, St. Barthélemy, and France.
Another shop on the move is Loro Piana at 244 Worth Ave. It’s going across the street to a bigger shop at 245 Worth Ave.
The company is part of the French multinational holding and conglomerate LVMH Moët Hennessy Louis Vuitton SE group and has 171 stores around the world. Headquartered in Paris, LVMH’s stock is traded on the European markets. Founded in Italy in 1924, Loro Piana owns nine production sites in Italy where all its collections of ready-to-wear garments and accessories are made.
Also on the move this summer are three family-owned jewelry stores planning to open in new Worth Avenue locations.
Provident Jewelry, previously in The Esplanade, is moving to 226 Worth Ave. and expected to open by October. Family-owned and operated for almost 30 years, Provident has stores in West Palm Beach, Jupiter, Wellington, Naples and Fort Myers.
Graff, a diamond, watch and jewelry retailer with 64 stores worldwide, announced it is moving to 230 Worth Ave., a few doors down from its previous location at 221 Worth Ave. Graff is moving into Galerie Danielli’s old space.
Laurence Graff founded the company in London in 1960.
Lugano Diamonds is moving from the TD Bank building to the Esplanade, 150 Worth Ave., taking over the old Gucci spot, Jones confirmed.
Gucci moved to 225 Worth Ave. and in April opened in the former Brooks Brothers location after renovations. Gucci first opened in Palm Beach in 1961 in the Royal Poinciana Plaza.
Lugano co-founder and CEO Moti Ferder moved to the U.S. in 2004 and began Lugano. It first opened in Palm Beach in 2017 and has shops in Newport Beach, Calif.; Washington, D.C.; Aspen, Colo.; Houston; and Ocala.
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