Fendi’s chief executive Pietro Beccari has outlined his plans for 2015 amidst the growing concerns that the luxury goods market maybe stagnating. The luxury bagmaker, nestled in the Italian fashion capital Milan, is also a subsidiary of the LVMH conglomerate which has been aggressively expanding since 2014. Beccari is not afraid to expand in an uncertain market but as the Chinese economy fell 2% last week and with the Russian’s economy in freefall, it’s difficult to predict whether this is a long term issue or a blip. The Chinese and Russian’s are two of the biggest consumers of luxury goods and any issues however slight can leave the entire market on a knife’s edge.
As a result, Beccari is being cautious, considering Ermenegildo Zegna and Swatch Group AG only just lost millions after Swiss banks removed the cap on the Francs last week. Fendi recently collaborated with the fashion aficionado Karl Lagerfeld who took time out of his busy schedule to design an entire bag collection for the bagmaker. According to figures released from the LVMH HQ in Paris, the total sales amounted to an eye watering $1 billion. If this is the revenue generated in times of uncertainty, then what can we expect during the boom period. We’ll have to wait and see.
#Peace.Love.Fendi
