Fendi and Sam's Club Resolve DisputeNew York City - June 6, 2007 – Fendi Adele S.R.L. Fendi S.r.l., and Fendi North America, Inc. (“Fendi”) and Sam’s Club, a division of Wal-Mart Stores, Inc., today announced that they have resolved their dispute in the litigation that Fendi currently has pending against various retailers. Fendi claimed in the litigation that Sam’s Club and various other retailers sold counterfeit bags and other products under the Fendi label.
Both Fendi and Sam’s Club are committed to the enforcement of intellectual property rights to maintain the value of genuine products. Fendi on its part will continue its campaign to protect its brand name and Sam’s Club will continue its commitment to sell quality, genuine products in its clubs.
Under the agreement, Sam’s Club has agreed to pay to Fendi a confidential settlement amount and Fendi will dismiss its lawsuit against Sam’s Club. In addition, Sam’s Club will offer to its Members the opportunity to return any bags, wallets, and scarves they purchased at Sam’s Club with a Fendi label for full refunds. Sam’s Club earlier removed all Fendi-labeled bags, wallets and scarves from its shelves.
Michael Burke, Chairman and CEO of Fendi, said, “We are pleased to put this matter behind us in a way that recognizes and allows us to protect our distinctive trademarks. We believe this resolution to be in the best interests both of our customers and the Sam’s Club members. We applaud the determination of Wal-Mart and Sam’s Club to protect the intellectual property rights of others and to ensure that the products it sells are genuine. We will continue our global efforts to protect our brand from trademark infringement of all kinds.”
Doug McMillon, President and CEO of Sam’s Club, said, “We are pleased that we have resolved our dispute with Fendi. We have programs in place to protect the intellectual property rights of others. However, during this litigation, Fendi provided us information that the twelve types of bags and wallets specifically listed in its complaint were not genuine. We accept this information. We are and remain committed to ensuring that all of the products we sell are genuine, and, as a consequence, Sam’s Club is offering our Members who purchased Fendi-labeled bags, wallets, or scarves the opportunity to return them for full refunds. We recognize the importance of enforcing intellectual property rights. We expect our suppliers to respect these rights as well, and we will not tolerate deviation from that high standard. We apologize to our Members for any inconvenience.”
Founded in Rome in 1925 by Edoardo and Adele Fendi as a leather bag and fur workshop, Fendi is today one of the world’s most renowned luxury lifestyle brands with collections ranging from ready to wear to home furniture and an international distribution network of 140 boutiques. Appreciated the world over for its quality, creativity and distinctive style which blends innovation with tradition, Fendi has been part of the LVMH Group since 2000.
LVMH Moët Hennessy Louis Vuitton (“LVMH”), the world’s leading luxury products group, is listed on the Premier Marché of Euronext Paris. [Reuters code: LVMH.PA; Bloomberg code: MC FP; Isin code: FR0000121014].
About Wal-Mart Stores, Inc.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company’s common stock is listed on the New York Stock Exchange under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartstores.com. Online merchandise sales are available at www.walmart.com and www.samsclub.com.