Louis Vuitton Moet Hennesy announced the purchase of the building that houses the Louis Vuitton brand’s flagship store in Paris. It is a seven-story building in a prestigious location on Champs-Élysées.
Retail real estate market participants reported that LVMH acquired the object from Gecina for 770 to 900 million dollars. The deal finalized negotiations that began back in September 2022.
LVMH originally leased approximately 100,000 square feet of space for eighteen years. In 2021 the company undertook a major renovation of the 100,000 square feet building.
The store is located in a historic Art Deco house designed by architect Charles Henri Besnard in the 1920s. The building was commissioned by Georges Vuitton, son of the founder of Louis Vuitton.
For LVMH, purchasing the flagship store in the center of Paris is not only a major investment but also a significant strengthening in the real estate segment in the country. In the portfolio of expensive real estate on the company’s balance sheet is also Milan Casa degli Atellani, which houses Leonardo da Vinci’s vineyard.
Earlier it was reported that LVMH increased sales in the first quarter of 2023 by 17% to 21 billion euros. With the purchase of another iconic property, the company follows its growth strategy and strengthens its position in the luxury industry.
