LVMH extends Fendi investment

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Luxury goods group LVMH announced today it had increased its stake in Italian fashion house Fendi to 66.9% after one of the five Fendi sisters sold her share of the company

In a statement, LVMH did not say how much it had paid for the 15.9% stake sold by Franca Fendi Formilli. It is the second time LVMH has increased its stake in the fashion house since it took a 51% stake alongside Prada in 1999.

LVMH has said it wants to make Fendi Italy's leading fashion label within the next five years. The development is expected to accelerate Fendi's strategy of developing its own boutiques in all channels and in more new markets. Fendi has global duty-free distribution through Miami-based Merac.