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Beccari took over in 2012, after his predecessor Michael Burke streamlined the supply chain and improved financials, in part by playing down its logos as customers tired of megabrands. Mr. Beccari also changed the design and introduced on-site made-to-measure services. The chief executive struck on a winning digital strategy. For example, it reached the highest engagement rate in 2016 with its Instagram followers and increased popularity on Snapchat by making contentwhich would normally disappear soon after being postedalways available on its website. The company is

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now working to offer one-day delivery service and is pushing shop assistants to also suggest that customers place online orders while in the store. I came at a time when Instagram and Snapchat were exploding, says Mr. Beccari. The brand needed to speak to a younger audience but at the same time become more sophisticated. All this helped push Fendisrevenue last year up more than 50% from 2012, according to an HSBC estimate. LVMH now is heavily investing in Fendi to squeeze out even more growth, people familiar with the matter say. Analysts expect Fendi to reach 1 billion in annual revenue this year.

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FILE PHOTO: Britain REUTERS/Jonathan Ernst/File Photo BERLIN Britain could change its economic model to regain competitiveness if it were to leave the European Union without an agreement on market access, British finance minister Phillip Hammond said in a German newspaper interview published on Sunday. In a thinly veiled threat that Britain could use its corporate tax as a form of leverage in Brexit negotiations, Hammond told Welt am Sonntag he hoped Britain would remain a European-style economy with corresponding tax and regulation systems. "But if we are forced to be something different, then we will have to become something different," Hammond said when asked directly about Britain's plans to lower corporate tax. "If we have no access to the European market, if we are closed off, if Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short-term," he said. "In this case, we could be forced to change our economic model and we will have to change our model to regain competitiveness," Hammond said. "We will change our model, and we will come back, and we will be competitively engaged." German Chancellor Angela Merkel has said the EU must consider limiting Britain's access to its market if London fails to accept the bloc's 'four freedoms' in Brexit negotiations. The EU's single market emerged from the 1992 Maastricht Treaty on European integration. This enshrines the EU's "four freedoms" - of movement of goods, capital, people, and services. British Prime Minister Theresa May has repeatedly said she will not reveal her Brexit negotiating strategy before triggering Article 50 of the EU's Lisbon Treaty, a step expected by the end of March.