The luxury goods group LVMH, which owns the French brand Louis Vuitton, has taken a significant step in the real estate sector with the purchase of the Louis Vuitton flagship in Paris.
The seven-story building at 101 Avenue des Champs-Élysées was acquired by real estate company Gecina for between US$770 million and US$900 million (about €685.76 million to €801.54 million), Italian media outlet Pambianco reports. The purchase, which has been under negotiation since September, represents a significant investment for LVMH.
The approximately 9,400 square meter building was previously leased to LVMH for 18 years and was renovated in 2021. Designed by architect Charles Henri Besnard in the 1920s, the Art Deco complex is of historical importance as it was commissioned by Georges Vuitton, the son of Louis Vuitton’s founder. This acquisition adds to Arnault’s growing portfolio of high quality properties, which includes the Casa degli Atellani in Milan, home to Leonardo da Vinci’s winery.
LVMH’s strong financial performance continues. In the first quarter of this year, sales exceeded 21 billion euros, an increase of 17 percent compared to the same period of 2022. The conglomerate’s expansion into real estate is in line with its continued growth strategy and solidifies its position as a dominant player in the luxury sector.
This translated post previously appeared on FashionUnited.com