The long-speculated rumor has been confirmed.
The designer will still continue to work with the group as its new global ambassador on sustainability.
The owner of Cartier, Piaget, Chloe and Montblanc saw an uptick in US and European sales, as well as smaller declines in China.
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The Norwegian brand becomes the first B Corp company that LVMH Luxury Ventures has in its investment portfolio.
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Designed by the founder’s granddaughter Silvia Venturini Fendi, the celebratory line will be presented in February.
The contemporary Swedish brand will use the money to open new stores, develop special projects, attract key hires and more.
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