In a recent earnings report, Capri Holdings, parent company of Versace, revealed a significant 15% dip in the luxury brand's revenue, totaling $193 million for the quarter ending December 28. This downturn is primarily attributed to two strategic missteps, as identified by CEO John Idol. First, Versace has leaned excessively into the evolving quiet luxury trend, focusing on understated elegance at the cost of its distinctive statement pieces. Second, a reduction in lower-priced offerings has alienated key customer segments, leading to declining sales of over 21% in the Americas and 11% in Asia. Idol acknowledged that while very important customers responded positively to the brand's elevation effort, it inadvertently resulted in the loss of unique items that traditionally defined Versace. Moving forward, Idol aims to recalibrate Versace’s positioning by restoring a balance between sophisticated luxury and engaging products to recapture the broader aspirational customer base.