PARIS (Reuters) - Italian luxury group Fendi will hold a fashion show on the Great Wall in China in October as parent company, LVMH Moet Hennessy-Louis Vuitton, seeks to double its sales by 2008.
“It’s true,” said a spokeswoman for LVMH, confirming a report in France’s Les Echos newspaper.
LVMH Chairman Bernard Arnault has said repeatedly he sees potential for Fendi to become a “star brand” alongside LVMH stablemates such as leather-goods maker Louis Vuitton and TAG Heuer watches.
“We can’t be a global luxury group without a strong Italian brand,” Fendi Chief Executive Michael Burke told Les Echos.
Fendi had sales of around 350 million euros ($469 million) in 2006 and aims to double that by 2008. Its target is also to achieve a margin of over 20 percent by then, Les Echos said. The LVMH spokeswoman said the figures were correct.
Fendi’s core shoes and handbags business currently accounts for 60 percent of sales, while furs and ready-to-wear make up another 30 percent. The Rome-based company on Monday launched its first perfume, Palazzo.