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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