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The past two years have been good to the company. It has emerged from the turbulence surrounding its four-year transition from a family-owned firm to an LVMH subsidiary. In spite of the success of Venturini's accessories, the company had overextended itself by Return to Tiffany Heart tag necklace opening more than a hundred shops during the post-Baguette years. Squabbles within the Fendi clan--the five Return to Tiffany Heart tag choker and their families added up to about thirty shareholders, which in 1999 agreed to sell a fifty-one-per-cent stake to LVMH's joint venture with Prada--added to the muddle.

The company had no central headquarters, working conditions were poor, and Fendi risked losing Lagerfeld, who reportedly didn't get along with Prada's C.E.O., Patrizio Bertelli. The turnaround began in 2004, when Arnault bought out the Paloma Picasso Loving Heart lariat Fendi and Prada shares, and set about revamping his billion-dollar investment, restructuring the retail network, opening a palatial Manhattan store designed by Peter Marino, and creating a symbolic Elsa Starfish for the company by transforming the Palazzo Boncompagni Ludovisi into the Palazzo Fendi.

Guiding the process was Michael Burke, Fendi's new C.E.O. and a onetime LVMH manager, who had helped reinvent Dior with the Heart and Tiffany Box Charm John Galliano. It was Burke, an intense, soft-spoken man, half American, half French, who kept Lagerfeld in the fold. Now Venturini and Lagerfeld share the same enormous desk in the loftlike studio.