(NEW YORK, NY) — Another high-profile retail tenant is leaving Fifth Avenue.
The New York Post reported that Versace’s 647 Fifth Avenue storefront is up for a five-year sublease. The company is looking to move farther uptown.
High-profile companies are vacating Fifth Avenue storefronts at an alarmingly fast rate. On Wednesday, reports revealed that The Gap will close its Fifth Avenue storefront on January 1st. Lord & Taylor, Henri Bendel, and Ralph Lauren Polo have also recently pulled stores from the location.
As for Versace, the lease for the 25,020-square-foot townhouse, which is located on the east side of the avenue between East 51st and 52nd streets, ends on Dec. 30, 2023.
The company is being purchased by Michael Kors for $2.2 billion. According to the Post, Michael Kors plans to open 100 new Versace stores.