Fendi revenue surpasses €1 billion
“Fendi is going through a positive period, the brand is well-liked, it’s desirable and it’s growing,” said boss Pietro Beccari. The executive joined parent company LVMH in 2006 and later, Fendi, in 2012.
Beccari introduced a repositioning strategy targeting the very high-end segment, highlighting Fendi’s Italian flair by way of major investments, especially in Rome, where the brand was founded in 1925 (Fendi celebrated its 90th anniversary this year). The FENDI was changed to ‘Fendi Roma’.
The brand’s repositioning in the top luxury goods segment was engineered through the accessories range, especially handbags and some long-standing models. But also through its fur collection of course, the brand’s core product. To this end, Fendi organised its very first haute couture show last July in Paris, calling it ‘fashion furs’, designed by Karl Lagerfeld, who is also in charge of the womenswear collections.
According to Pietro Beccari’s interview with the Corriere della Sera, another key axis of this strategy was the integration between traditional retail and online distribution. After Europe, Fendi recently launched online sales in the USA and Japan.
“If a salesperson manages to help a customer finalise an online purchase, we will pay him/her a commission as if the sale was made in-store,” the CEO said. Beccari estimates that the “overlap between luxury and online customers is over 90%.”
Fendi operates 200 directly-owned stores, 11 of which are located in Italy. The brand recently opened a store in Miami and is available worldwide thanks to its increasing visibility.