|
LVMH-Prada bag Fendi?
|
 |
October 12, 1999: 9:04 a.m. ET
$900M Franco-Italian bid reportedly lands one of fashion's hottest names
|
LONDON (CNNfn) - French luxury goods conglomerate LVMH and Italian fashion house Prada have succeeded in their $900 million joint bid for Rome-based fashion designer Fendi, according a U.S. newspaper report.
LVMH and Prada signed the deal with Fendi family members in Rome late Monday night, according to the U.S. trade paper Women's Wear Daily.
The two beat out competition from three other interested parties: Gucci, Texas Pacific Group and Bulgari. Texas Pacific began the bidding some months back when it reportedly offered $500 million for Fendi. Arch-rival Gucci reportedly offered more than $700 million.
The LVMH-Prada offer guarantees that Fendi family members will continue to have roles at the company, which is one of hottest names in fashion.
Fendi, which makes perfume and high-fashion handbags and clothing, declined comment to CNNfn on the report.
If the joint bid is confirmed it will be the latest in a rush for luxury labels this year, which has seen LVMH, Prada and Gucci bidding against each other.
In the most recent deal, French luxury goods retailer LVMH paid $740 million for Swiss watch maker TAG Heuer in mid-September.
Earlier the same month, privately-owned Italian fashion house Prada made a successful $172 million bid for quality British shoemaker Church & Co.
The Fendi deal also would go some way toward softening the blow to LVMH after its failed bid for Gucci earlier this year. 
|
|
|
|
|
 |
|
