Has Fendi Quietly Become One of the Most Underrated Luxury Brands?
The question itself is layered with contradiction. Fendi is a centurion of the fashion world, a 100-year-old Italian powerhouse with iconic baguettes, a legendary fur atelier, and the FF monogram—a logo so recognizable it rivals Chanel's double Cs. Yet, if the current business headlines are any indication, the brand is in a precarious place: closing stores, reporting sales declines, and seemingly treading water while its LVMH stablemates surge ahead .
So, has Fendi quietly become "underrated"? The answer is a complex narrative of incredible craftsmanship, strategic missteps, and a battle for relevance in a modern luxury landscape.
The "Underrated" Argument: A Century of Unsung Craftsmanship
The case for Fendi's underrated status rests entirely on its unparalleled savoir-faire. For decades, the brand has been a master of materials, working with fur and leather with a skill that very few can match.
Fendi was born in 1925 as a fur and leather workshop in Rome, and this heritage remains its true north star . The original artisans, many of whom are descendants of the first generation, work in the Fendi Fur Atelier at the Palazzo della Civiltà Italiana, employing techniques that no other house possesses . Under the visionary Karl Lagerfeld, who joined in 1965, the atelier was elevated to the level of art. Lagerfeld didn't just design fur coats; he reimagined the material, shaving, pleating, dyeing, and inlaying it to create "Featherlike" creations, the "Astuccio" cape, and iconic patterns that transformed fur into a lightweight, expressive fashion statement .
This dedication to craft extends to leather. The innovative "Baguette Patchwork" bag, for example, is meticulously handcrafted from offcuts of Fendi's signature Cuoio Romano leather, a circular initiative that transforms waste into a one-of-a-kind masterpiece . This commitment to sustainability and material innovation, often hidden behind the glamour of the runway, suggests a depth that the market might be undervaluing.
Furthermore, the brand's services like the "Icons SPA," where expert artisans restore the beauty of vintage Peekaboo and Baguette bags, reinforce the idea that these are not disposable fashion items but enduring, family heirlooms . In an era of fast-paced trend cycles, Fendi's quiet focus on longevity and repair is a luxury that is genuinely underappreciated.
The Counterargument: Why Fendi Is Underperforming
While the craftsmanship is undeniably elite, the commercial reality tells a different story. Fendi, with estimated sales around $2 billion, is a giant—but it is dwarfed by LVMH stars like Louis Vuitton and Dior, being ten times smaller than Vuitton and four to five times smaller than Dior .
Brand Dilution and Strategic Vacuum:
Recent years have seen Fendi suffer from what analysts call a "splintered" brand message, with separate and often disconnected visions for menswear and womenswear diluting its impact . There has also been a strategic vacuum at the executive level; the brand has been on its fourth CEO in a decade, making it difficult to maintain a consistent, long-term brand elevation strategy .
Financial Hurdles:
This instability has tangible consequences. The brand reported a 5.1% revenue decline in 2023 and a significant 26.9% drop in net profit . In the Korean market, one of the key battlegrounds for global luxury, Fendi's sales fell by 22% in 2024, and the brand has been forced to close underperforming stores . An industry official bluntly noted that while Fendi performed well after COVID-19, "it does not have as strong a fan base as some other luxury brands" .
Marketing Misfires:
The brand's recent marketing attempts have been met with mixed reviews. A heavily promoted Fendi x Fragment x Pokémon collaboration failed to generate significant excitement, with critics arguing that the simple application of an IP image felt lazy compared to previous collaborations by competitors . Similarly, a centennial campaign photographed by the legendary Steven Meisel, while beautiful, was described as "an exquisite whisper when perhaps the moment calls for a bolder voice" . It felt archival and nostalgic rather than a manifesto for the future.
A New Dawn? The Arrival of Maria Grazia Chiuri
The most compelling development in Fendi's story, however, is the arrival of Maria Grazia Chiuri from Dior. Her appointment signals a major commitment from LVMH to revitalize the brand . While her debut left questions, it also promised deeper changes.
Chiuri is known for her commercial pragmatism and ability to balance artisanal craft with products that can be produced at scale . The hope is that she will unify the brand's fractured message, rebalance the offering to make the runway collections more accessible in stores, and inject new life into Fendi's legendary bag program. Already, she has introduced "more substantial, more precious" materials to the iconic double-F monogram . Her success is not guaranteed, but the fact that LVMH is finally "putting its muscle behind the brand" suggests that Fendi is about to enter a new, more aggressive era .
Conclusion
Has Fendi quietly become underrated? The answer is yes, but for a specific reason. The market has, perhaps justifiably, underestimated the brand because it has been underperforming commercially. The noise of store closures and financial losses has obscured the signal of its exceptional, century-old craftsmanship.
However, Fendi's deep heritage, mastery of materials, and commitment to circular innovation mean it possesses a foundation that few brands can rival . The question is no longer if it is underrated, but if the new leadership of Maria Grazia Chiuri can finally translate that immense, often understated value into a powerful, resonant, and commercially successful future. If she succeeds, Fendi's underrated era will be remembered as a brief pause before a triumphant second century.
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