From 1 September Italian fashion brand Gianni Versace is moving its local franchise to listed retailer CK Tangs' specialty fashion arm, Gamut Trading, after 23 years with Tina Tan-Leo.

"We've developed the brand very well in Malaysia," Gamut head Low Poh Gee told Business Times Singapore. "It has grown very consistently every year, and we have always been profitable for Versace. Going forward, we see the opportunity for this brand in Singapore and it would be very strategic for us."

Tan-Leo, meanwhile, intends to concentrate on her multi-label The Link boutique.

Mrs Tan-Leo denies rumours that the Versace label has been losing money in Singapore's tough retail climate, but says changes in shopping patterns have led to reduced brand loyalty, making multi-brand stores more attractive than mono-brand ones.