Fendi was a family-controlled company until 1999, when Prada and LVMH joined forces to buy 51 percent of Fendi for $545 million; competitor Gucci lost out in the bidding process. Under the deal, Prada and LVMH were obligated to acquire any of the 49 percent of Fendi that the sisters should decide to sell. The label lost approximately 20 million euros in 2001 and again in 2002. In 2002, Prada agreed to sell its 25.5 percent stake to LVMH for $265 million. In 2002, LVMH acquired an additional 15.9 percent. Carla Fendi, a member of the founding family, continued to act as chairwoman and a minority owner until 2008.