Fendi Seeks Partners to Revamp India Ops
Co operates through a JV and has a store at Emporio mall, New Delhi
New Delhi: Italian fashion house Fendi, a part of luxury goods conglomerate Louis Vuitton Moet Hennessy (LVMH), is seeking partners in India to restructure its business, according to sources familiar with the development.
Fendi currently operates in India through a company called Fun Fashion India, which is a joint venture arrangement with Beagle Fashions. The fashion major, known for its fur accessories and leather goods like the Baguette handbags, is present in India through a store at the Emporio mall in New Delhi.
Mails sent to Fendi’s spokespersons did not elicit a response until the publication of this report. According to people familiar with the development, Fendi had earlier acquired a 51% stake in the Mumbai-based Fun Fashion (FFI) and it was supposed to operate as a joint venture company between Chordia Fashions, promoters of FFI and Fendi. Chordia Fashion’s stake in FFI was later bought out by Beagle Fashions, according to sources. Directors of Fun Fashion India include Fendi executives Alberto Da Passano, Alberto Fabbri, and Tikka Shatrujit Singh, who is also the director of Beagle Fashions. Fendi began operations as an independent fashion house in 1925, and later became a part of the LVMH. At the beginning of this year, LVMH had said that the conglomerate recorded revenues of 37.6 billion in 2016, an increase of 5% over the previous year.