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Well, it’s the other way around 🙂
1/ Place the foreign key field in your Variant, not in your Product (what you describe is actually a OneToMany relationship).
2/ Link the Variant to your Product in the relative ProductAdmin in admin.py as an inline (i.e VariantInline).
See the docs for further informations : https://docs.djangoproject.com/en/1.6/ref/contrib/admin/#inlinemodeladmin-objects
Hope this helps !
Regards,
Source:stackexchange.com