Burke also gave an update on efforts to beef up Fendi’s key subsidiaries, confirming a WWD report that Gianluca Flore, formerly at La Perla, started last week as head of the company’s U.S. operations. There are plans to appoint a new ceo for Japan later this year.
Burke and Toledano declined to target a date for breakeven, or disclose the size of current losses at the company. “The trend is strong, so we still reach the objective [of double-digit operating profitability],” Toledano said.
On the handbag front, Burke cited accelerating sales of its Sellier and Chef bags and the latest style, Vanity, is doing “exceptionally well.” Silvia Venturini Fendi continues to head up design for leather goods, sometimes in tandem with Lagerfeld.
Toledano stressed the need to diversify the range of handbags Fendi has on offer.
“The competition is such that you have to come to the market with a wide offer,” he said.