Italian fashion designer brand Fendi will hold an altogether different fashion show. Owned by LVMH Moet Hennessy-Louis Vuitton, the group has plans to have the fashion show on the Great Wall in China in October. Trademarked for sofas and women’s clothing, the Italian luxury group seeks to double its sales by 2008.
LVMH Chairman Bernard Arnault is definite that the brand has potentials for becoming a “star brand” alongside LVMH stablemates such as leather-goods maker Louis Vuitton and TAG Heuer watches.
The Chief Executive of Fendi, Michael Burke said:
We can’t be a global luxury group without a strong Italian brand.
The brand has become a common sight on the arms of many stars and signature bags as the Spy, buckled B-bag, and ornate bucket bags are often in high demand and sometimes constitute long waiting lists.
Fendi had sales of around 350 million euros ($NZ617 million) in 2006 and targets to double it by 2008. It also aims to accomplish a margin of over 20 per cent by next year.
Currently, Fendi’s core shoes and handbags business account for 60 per cent of sales, whereas furs and ready-to-wear make 30 per cent. The Rome-based Italian luxury group has recently launched its perfume Palazzo.
Source: Stuff
