- Refurbished building includes hotel, roof restaurant
- Label mirroring strategy of fellow LVMH brand Louis Vuitton
Italian luxury brand Fendi will unveil its restored Palazzo Fendi palace in central Rome Thursday as it seeks to woo the richest shoppers.
After a refurbishment lasting about a year, the building will include a “by invitation only” suite, a seven-room hotel and a roof restaurant. The customer experience “will link that person to our brand,” Chief Executive Officer Pietro Beccari said in an interview Wednesday with Bloomberg TV. “It’s a place to cement a relation.”
Fendi is mirroring the strategy of Louis Vuitton, also part of France’s LVMH, to make even the wealthiest customers feel special. Maintaining exclusivity is becoming more challenging for luxury labels as the industry’s growth slows amid collapsing demand in China and a strengthening dollar.
Beccari said Fendi is looking at Australia and Canada as potential new markets as it seeks to keep up last year’s revenue growth. “There are areas where we want to be present with physical stores opening, but also with e-commerce,” he said.
Online, Fendi is targeting Japan among several countries where it is looking to apply a policy of charging the same price as it does in shops.
Beccari said he’s not overly concerned by the slowdown in China’s growth.
“For a luxury brand, China is a must-go market,” he said.