Italian luxury brand Versace has closed its flagship store in Toronto at 106 Yorkville Avenue. The store opened in the summer of 2019 in a new development by First Capital REIT.
The two-level Versace store spanned about 3,000 square feet over two levels and was located between flagship locations for Brunello Cucinelli and Stone Island.
The Impact of Versace’s Closure on Yorkville’s Luxury Landscape
Designed by Gwenael Nicolas, the boutique featured an innovative use of light, mirrors, and contrasting materials. A brass ceiling grid added a dramatic touch, while gold accents contrasted with marble and metal elements. One notable feature was the three-dimensional Medusa head that adorned the ceiling of one of the dressing rooms, a striking homage to the brand’s iconic imagery.
The store’s LEED certification also emphasized Versace’s commitment to sustainability. The main floor of the boutique showcased ready-to-wear collections for men and women, as well as accessories and footwear, while the second level housed the Versace Home line and children’s wear.
Despite the closure of this Toronto flagship, Yorkville remains a prime location for luxury brands. Across the street, Christian Louboutin’s only standalone Canadian store that continues to operate at 99 Yorkville Avenue, and other prominent luxury brands such as Chanel and Balenciaga have secured their spots within the district in recent years. Yorkville’s evolution is ongoing, and the departure of Versace opens the door for a new high-end tenant. DWSV Realty handled the sublease for Versace’s space [which is being taken over by Brunello Cucinelli].
Versace’s Canadian Presence: A Snapshot of Growth
Versace’s presence in Canada extends beyond its now-closed Yorkville location. The brand made its Canadian debut in 2014 with a standalone boutique in Toronto’s Yorkdale Shopping Centre, a mall known for its high-end retailers. Spanning 2,820 square feet, the Yorkdale store was a significant step in establishing the brand in the Canadian market. Following that success, Versace opened a second boutique in Vancouver in 2015 at 747 Thurlow Street, a prominent location in the city’s Alberni Street Luxury Zone.
The Vancouver boutique, measuring 1,875 square feet, positioned Versace alongside other global luxury brands, further establishing the brand’s foothold in Canada. The Vancouver store closed, however, in late 2020, and the space is now occupied by luxury brand Thom Browne. DWSV Realty negotiated that lease deal.
Versace’s Canadian expansion is continuing under the direction of parent company Capri Holdings. That includes a new Versace store at Royalmount in Montreal this year, as well as another in Vancouver’s Oakridge Park development next year. Versace is also about to open a new store at Toronto’s Yorkdale Shopping Centre, replacing its current location in the mall.
In Canada, Versace also operates outlet stores at the Toronto Premium Outlets near Toronto, and at the McArthurGlen outlets near Vancouver.
Gianni Versace S.p.A. is one of the leading global fashion design houses. Under the Artistic Direction of Donatella Versace since 1997, the brand designs, manufactures and distributes fashion and lifestyle products including haute couture, women’s and men’s ready-to-wear, jewelry, watches, accessories, fragrances and home collection. The brand was founded by the late Gianni Versace in 1978.
Gianni Versace S.r.l. is part of Capri Holdings Ltd. global fashion luxury group, formerly Michael Kors Ltd., which also owns UK luxury footwear brand Jimmy Choo. Capri Holdings (then ‘Michael Kors’) acquired Versace for US $2.12 billion in September of 2018.
Vancouver Boutique is also closed.
Oh that’s right, I’ll update the article! Thom Browne moved into that spot a while ago.
Back in the 1990’s, there was a stand alone Versace store at 83 Bloor St W. It was formerly a restaurant/bar called Bemelmen’s. It was very typical 90’s Versace with tons of inlaid marble floors, winding staircase, lots of gold and gilt. It carried both Men’s and Ladies RTW along with home decor/table top. It closed in the early 2000’s and was eventually replaced with the Hugo Boss Flagship in 2009.
I should have said ‘first corporate store’ for Versace — the very first was via Chez Catherine at Hazelton Lanes in decades past.
John Elliot’s flagship Toronto store also just closed, same street