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LVMH acquires majority stake in Fendi

This article was originally published in The Rose Sheet

Executive Summary

Prada will sell 25.5% stake in Fendi to LVMH to focus financial backing and development efforts on brands in which it owns "either all or a majority of share of capital," firms announce Nov. 24. Following the transaction, LVMH will control 51% of fashion brand, while Fendi family will remaining 49%. For now, existing fragrance license will be maintained by Sanofi Beaute, a division of Prada-owned Gucci. Prada and LVMH jointly acquired a majority shareholder status in Fendi in October 1999 (1"The Rose Sheet" Oct. 18, 1999, In Brief)...

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Companies acquire 51% of Fendi in a deal valued at $900 mil., LVMH announces Oct. 12. It remains unclear how the deal will affect the Fendi U.S. fragrance license, which is held by New York City-based LPI. LVMH and Prada beat out Gucci in a bidding war not unlike the recent Gucci/LVMH battle for Sanofi Beaute, which eventually went to Gucci. The Fendi family will continue to "fulfill important roles within the group," as members retain the positions of president and general manager, LVMH said. The deal follows a recent LVMH shopping spree, during which the company picked up Hard Candy, Bliss and BeneFit

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