Bagno – The famous Roman fashion house Fendi, owned by the world leader in luxury LVMH, has increased its production capacity in Italy by setting up a new leather goods workshop in Tuscany to support growth that posted records in 2021 and 2022.
“After two record years, we remain confident for 2023”, despite the geopolitical and economic turbulence, Fendi CEO Serge Brunschwig said on Wednesday on the sidelines of the inauguration of the “Fendi Factory” in Capannuccia, near Florence ( center).
The new production site occupies an area of 30,000 square meters which once housed the Brunelleschi ceramics factory, in an area renowned for its know-how in leather work and where many other major international brands are located.
Within the workshop, craftsmen work meticulously on the assembly of Fendi leather bags in all colors. “Everything is done by hand here. For precious materials such as crocodile leather, even the cutting is done manually”, assures Vittoria Esposito, one of the managers of the site which now has 350 employees and whose number could increase. term double.
Among the olive trees
Nestled among green hills covered with olive trees and adjoining the vineyards of Chianti, this new LVMH site, with a strong focus on environmental sustainability, reinforces the presence of the luxury giant in Italy, where it invests more than 200 million euros. euros per year.
LVMH, which has devoted around 50 million euros to the “Fendi Factory”, inaugurated in 2018 an eyewear factory (Thélios) in Longarone, in Veneto, and in 2019 a Celine workshop (high-end ready-to-wear ) in Radda in Chianti, Tuscany. The leather goods market is booming: analysts from the Altagamma Foundation, which brings together the big names in Italian luxury, predict a sustained 9.5 percent rise in sales this year. “Leather goods are very profitable, because they are less dependent on fashion. There is less risk of having unsold items like with clothing,” Stefania Saviolo, professor of economics at the University, told AFP. fashion at Bocconi University in Milan.
Fendi, which employs more than 1,300 people in Italy, also produces fur, ready-to-wear, shoes, perfumes, glasses, watches and accessories. Founded in 1925 by Adele and Edoardo Fendi in Rome, the fashion house opened its first boutique in 1926 with a workshop dedicated to fur and leather goods, before becoming one of the main luxury brands in the world.
The success of “icons”
Since its acquisition by LVMH in 2001, Fendi has experienced meteoric growth, reaching in 2021 a turnover of around 1.7 billion euros, according to analysts’ estimates. Fendi, whose exact accounts remain secret, appears to be one of the most international Italian brands, with a large part of its turnover made in the United States and Asia.
Despite soaring energy prices and the war in Ukraine, its parent company LVMH continues to break records, with sales up 28 percent to 56.5 billion euros in the first nine months of the year. ‘year. “Many small Italian companies have joined forces with luxury conglomerates to reduce risks in the face of crises and take advantage of synergies. But they have managed to retain their identity and their craftsmanship”, commented Stefania Saviolo.
A boom which is also due to key accessories such as the “Baguette” bag which is worn under the shoulder and whose 25th anniversary was celebrated at the beginning of September during a very pop fashion show by Fendi in New York. “Each icon is a growth ground for the house”, asserted Serge Brunschwig. Another key to success, “as a major luxury house, LVMH has always continued to invest”, even in times of “cyclical problems”. (AFP)