The president of Italian fashion house Fendi is to sell her stake in the company to French luxury goods group LVMH Moet Hennessy Louis Vuitton.

Carla Fendi, who declined to comment on the sale, currently holds a 16 per cent stake in the company, while majority shareholder LVMH holds 25.5 per cent.

LVMH bought its stake in Fendi from luxury goods house Prada Group NV for EUR295 million.