Fendi

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Fendi
TypeSubsidiary
IndustryLuxury goods
Founded1925; 96 years ago (1925)
FoundersAdele and Edoardo Fendi
Headquarters,
Italy
Number of locations
197 stores worldwide (2014)
Key people
Serge Brunschwig (CEO)[1]
Silvia Venturini Fendi (Creative Director)[2]
RevenueIncrease €1.17 billion (2017)[3]
US$1.1 billion
Total assetsUS$970 million
Total equityUS$330 million
Number of employees
3,000[4]
ParentLVMH
Websitewww.fendi.com
Fendi shop at the Elements, Union Square, Kowloon

Fendi (Italian pronunciation: [ˈfɛndi]) is an Italian luxury fashion house producing fur, ready-to-wear, leather goods, shoes, fragrances, eyewear, timepieces and accessories. Founded in Rome in 1925, Fendi is known for its fur and fur accessories, and for its leather goods.

History[edit]

Early years[edit]

The house of Fendi was launched in 1926 by Adele and Edoardo Fendi as a fur and leather shop in Via del Plebiscito, Rome.[5] From 1946, the five sisters Paola, Anna, Franca, Carla and Alda joined the company in its second generation as a family-owned enterprise[6] and each owned 20 percent.[7] Karl Lagerfeld joined Fendi in 1965 and became the creative director of the luxury fashion label's fur and women's ready-to-wear collection (launched in 1977).[8]

In 1994, Paola Fendi handed over the presidency of the company to her younger sister Carla.[9] Silvia Venturini Fendi, daughter of Anna, also joined the fashion house in 1994 and has since been the creative director for accessories and men's lines. By 1999, Fendi generated 32 percent of its business in furs and clothing, 40 percent in accessories and 28 percent in other activities, mostly licenses.[10]

Sale of controlling share[edit]

Fendi was a family-controlled company until 1999, when Prada and LVMH, the world's biggest luxury goods group, joined forces to buy 51 percent of Fendi for $545 million; competitor Gucci lost out in the bidding process.[11][12] Under the deal, Prada and LVMH were obligated to acquire any of the 49 percent of Fendi that the sisters should decide to sell.[13] The label lost approximately 20 million euros in 2001 and again in 2002.[14] In 2002, Prada agreed to sell its 25.5 percent stake to LVMH for $265 million.[15] In 2002, LVMH acquired an additional 15.9 percent.[16] Carla Fendi, a member of the founding family, continued to act as chairwoman and a minority owner until 2008.[17]

Fendi's fragrances were discontinued after the end of the brand's beauty license with Gucci Group's YSL Beauté division in 2005. In 2007, Fendi worked with distribution partner Christian Dior Perfumes and Cosmetics on launching Palazzo, the brand's first new fragrance since the mid-1980s.[18] By early 2009, LVMH announced that it would pull the scent off the market again due to disappointing sales.

In 2014, Fendi started making plans to use drones to show its catwalk fashions.[19] From 2013 until 2021, the company had a brand licensing agreement with Safilo for the design, production and worldwide distribution of Fendi sunglasses and optical frames.[20]

In 2010, Fendi launched another new fragrance – Fan di Fendi – before discontinuing all of its fragrances again in 2015.[21]

Also since 2015, Fendi has been headquartered at the Palazzo della Civiltà Italiana.[22] Fendi will reportedly pay 2.8 million euros per annum to occupy the space.[23] On the site of its historic, 17th-century Palazzo Fendi in Rome, Fendi instead opened a hotel and its largest store in 2016.[24]

In 2017, Fendi released a customization shop in collaboration with e-commerce platform Farfetch for made-to-order handbag designs.[25]

Recent developments[edit]

By 2018, Fendi crossed the 1 billion euro ($1.2 billion) threshold in annual sales.[26] At that point, the label had 3,000 employees worldwide including around 400 who work in specialist leather and fur ateliers in Italy. It also operated a network of 215 stores.[27]

In September 2020, English designer Kim Jones was announced as also taking the role of artistic director of Fendi's women's collection, formerly occupied by Lagerfeld.[28]

In 2021, Fendi ended its partnership with Safilo and entered into an agreement with LVMH-owned Thelios to create, produce and distribute its eyewear collection.[29]

Fendi Casa[edit]

Anna Fendi launched the Fendi Casa furniture line in 1987.[30] In 2021, the brand terminated its collaboration with licensee Luxury Living and instead partnered with Design Holding, jointly controlled by Investindustrial and The Carlyle Group, on creating Fashion Furniture Design (FF Design) to produce and distribute Fendi Casa.[31][32]

Campaigns[edit]

Lagerfeld himself was responsible for shooting Fendi's ad campaigns before his death. The company has since been working with Nick Knight.[33]

Philanthropy[edit]

In 2013, Fendi pledged more than 2 million euros to sponsor projects including a clean-up of the Quattro Fontane[34] and the restoration of the Trevi Fountain in Rome, and held the company's 90th anniversary show over the fountain using a plexiglas floor.[35][36] In 2018, Fendi signed a partnership with the Galleria Borghese to support the museum's exhibitions for the following three years.[37] In 2019, it committed 2.5 million euros to restore the Temple of Venus and Roma, the largest temple of ancient Rome.[38]

Controversy[edit]

Fendi sued Burlington in 1986 for selling counterfeit handbags, and filed a new lawsuit in 2006 after concluding the company was violating the injunction. In 2010, a U.S. Magistrate recommended that Burlington pay Fendi just over $5.6 million in damages, attorney's fees and costs to settle a dispute dating to 1986 over the alleged sale of counterfeit Fendi-branded leather goods. Burlington subsequently agreed to pay $10.05 million.[39]

Also in 2010, Fendi reached a $2.5 million settlement with the former parent company of Filene's Basement to resolve counterfeiting claims.[40]

References[edit]

  1. ^ Sudip Kar-Gupta and Sarah White (February 20, 2018), LVMH taps Dior's Brunschwig to lead luxury brand Fendi Reuters.
  2. ^ Scott, Fiona Sinclair (14 January 2020). "After Losing Karl Lagerfeld, Silvia Fendi Forges on at One of Italy's Most Storied Fashion Houses." CNN. Retrieved 31 May 2020.
  3. ^ Sudip Kar-Gupta and Sarah White (February 20, 2018), LVMH taps Dior's Brunschwig to lead luxury brand Fendi Reuters.
  4. ^ Sudip Kar-Gupta and Sarah White (February 20, 2018), LVMH taps Dior's Brunschwig to lead luxury brand Fendi Reuters.
  5. ^ Chevalier, Michel; Gerald Mazzalovo (2012). "3". Luxury Brand Management (second ed.). Singapore: John Wiley & Sons. p. 53 (of 316). ISBN 978-1-118-17176-9.
  6. ^ "Fendi perfumes and colognes". Fragrantica.com. Retrieved October 24, 2011.
  7. ^ John Tagliabue (October 13, 1999), French-Italian Alliance Takes Controlling Stake in Fendi New York Times.
  8. ^ Bergin, Olivia (October 24, 2011). "Karl Lagerfeld to launch new, accessible line". The Telegraph. London. Archived from the original on November 4, 2011. Retrieved October 24, 2011.
  9. ^ FENDI INVESTIGATED British Vogue, 2 December 2003.
  10. ^ Suzy Menkes (November 24, 1999), Fendi Purchase Finalized With Promise of 300% Sales Growth : Kisses as LVMH and Prada Sign International Herald Tribune.
  11. ^ "Dior, Fendi frenzy helps luxury group LVMH extend its reach". Reuters. 2021-07-26. Retrieved 2021-08-04.
  12. ^ Suzy Menkes (October 13, 1999), Prada and LVMH Join Forces to Buy Italian Fashion House Fendi International Herald Tribune.
  13. ^ John Tagliabue (October 13, 1999), French-Italian Alliance Takes Controlling Stake in Fendi New York Times.
  14. ^ Tracie Rozhon (October 22, 2003), A Struggling LVMH Unit Looks Beyond the Handbag; But Fendi Insists That Leather and Fur Are Forever New York Times.
  15. ^ Prada Selling Fendi Shares to LVMH Associated Press, November 24, 2001.
  16. ^ LVMH Adds Another 15.9 Percent of Fendi Women's Wear Daily, July 9, 2002.
  17. ^ Tracie Rozhon (October 22, 2003), A Struggling LVMH Unit Looks Beyond the Handbag; But Fendi Insists That Leather and Fur Are Forever New York Times.
  18. ^ Stephanie Epiro and Jennifer Weil (February 9, 2009), LVMH Pulling Fendi Scent Women's Wear Daily.
  19. ^ Zargani, Luisa (18 February 2014). "Fendi Partnering With Google to Livestream Runway Show". WWD. Retrieved 24 February 2014.
  20. ^ Isla Binnie (June 10, 2013), Eyewear maker Safilo and fashion house Fendi agree brand license Reuters.
  21. ^ "LVMH discontinue Fendi fragrances (again) — Basenotes.net". www.basenotes.net. Retrieved 2019-06-15.
  22. ^ Stephanie Kirchgaessner (October 22, 2015), Fendi rejects criticism over new HQ in Mussolini propaganda building The Guardian.
  23. ^ Fendi's New Headquarters Are a Fascist Icon Blouin Artinfo, July 18, 2013.
  24. ^ Robert Murphy (January 13, 2016), [1] WSJ..
  25. ^ Rachel Arthur (29 November 2017). "Customized Luxury: Fendi Turns To Digital For Bespoke Handbag Launch". Forbes. Retrieved 27 March 2018.
  26. ^ Sudip Kar-Gupta and Sarah White (February 20, 2018), LVMH taps Dior's Brunschwig to lead luxury brand Fendi Reuters.
  27. ^ Sudip Kar-Gupta and Sarah White (February 20, 2018), LVMH taps Dior's Brunschwig to lead luxury brand Fendi Reuters.
  28. ^ Socha, Miles. "Kim Jones to Design Fendi Women's, Continue at Dior Men". WWD.
  29. ^ Giulia Segreti (July 1, 2021), Fendi teams up with Thelios as LVMH focuses on eyewear Reuters.
  30. ^ Luisa Zargani (October 5, 2021), Fendi Previews New Home Collection in Rome Women's Wear Daily.
  31. ^ Luisa Zargani (May 4, 2021), Fendi Inks New Joint Venture for Home Line Women's Wear Daily.
  32. ^ Luisa Zargani (October 5, 2021), Fendi Previews New Home Collection in Rome Women's Wear Daily.
  33. ^ Luisa Zargani (January 3, 2020), In a First, Fendi Taps Nick Knight for Spring Ads Women's Wear Daily.
  34. ^ Rachel Sanderson (January 30, 2013), Brand Italy puts a price tag on history Financial Times.
  35. ^ "Fendi: why the fashion house is investing in Rome's patrimony". The Week. 5 March 2018. Retrieved 27 March 2018.
  36. ^ Roberts, Andrew (23 June 2014). "Fendi Touts Dolce Vita as Owner LVMH Relies on Brand". Bloomberg.
  37. ^ Luisa Zargani (13 September 2017). "Fendi Inks Partnership With Rome's Galleria Borghese". WWD. Retrieved 27 March 2018.
  38. ^ Vanessa Friedman (July 5, 2019), Fendi, the Legacy of Empire — and Lagerfeld New York Times.
  39. ^ Jonathan Stempel (October 20, 2010), Fendi, Burlington in $10 mln counterfeiting accord Reuters.
  40. ^ Jonathan Stempel (October 20, 2010), Fendi, Burlington in $10 mln counterfeiting accord Reuters.

External links[edit]