Louis Vuitton owner LVMH has made a significant move in the real estate sector with the purchase of Louis Vuitton's flagship store in Paris. The seven-story building, located at 101 avenue des Champs-Élysées, has been acquired from real estate company Gecina for a reported price range of 770 million to 900 million dollars reported Pambianco. The deal, which began negotiations in September, marks a significant investment for LVMH.
The building, spanning approximately 9,400 square meters, was previously leased to LVMH for 18 years and underwent renovations in 2021. Designed by architect Charles Henri Besnard in the 1920s, the Art Deco complex has historical significance as it was commissioned by Georges Vuitton, the son of the founder of Louis Vuitton. This acquisition adds to Arnault's growing portfolio of high-value properties, including the Casa degli Atellani in Milan, which houses Leonardo da Vinci's Vineyard.
LVMH's strong financial performance continues, with sales in the first quarter of this year surpassing 21 billion euros, a 17 percent increase compared to the same period in 2022. The conglomerate's expansion into real estate aligns with its ongoing growth strategy and solidifies its position as a dominant player in the luxury industry.