Sydney’s Fendi store has been targeted by thieves in the early hours of Wednesday morning, who rammed the shopfront with a stolen car before taking off with luxury handbags.

A stolen grey Lexus was used to smash into the upmarket store, which sits at the intersection of Elizabeth and Market Street. Thieves targeted the shop at about 3.45am, police have said.

The thieves quickly looted the store, taking off with a number of the brand’s cheaper handbags.

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The lower priced handbags retail for around $3000, while higher-end bags retail for $7000.

The thieves fled the store in a stolen white BMW, with the NSW registration number NCA59A, and a grey Audi S3, with the registration number, DMR81V.

The shop was cordoned off by police with significant damage done to the storefront. Shattered glass remained over the footpath, as well as the Lexus used in the ram raid.

The smash-and-grab follows a number of luxury stores being targeted in Melbourne by a crime ring. David Jones, Fendi. Burberry, and Dior were all targeted.

Arrests were made in April this year, with the value of the theft at $1.2 million.

“Checks have now confirmed the two vehicles driven from the scene were stolen during a break-in at a home in Kingsford overnight,” a police statement read.

Anyone with information about the incident is urged to contact Crime Stoppers on 1800 333 000.