Latest news with #PhilippeBlondiaux
Fashion Network
22-05-2025
- Business
- Fashion Network
Chanel spent €118 million on Paris building near flagship store
Chanel Ltd. splurged on a property near its main boutique in Paris last year as luxury brands seek to secure prime locations for their stores. See catwalk The building, located at 23 rue Cambon — close to Chanel's flagship boutique at No. 31 — was purchased for €118 million ($133 million) in September, according to a property database. The acquisition 'was part of the record level of investment made during the year, including in real estate,' a Chanel representative said. The luxury label known for its tweed suits and No. 5 fragrance has had a presence on the street since 1910, when founder Coco Chanel opened a hat shop. Rue Cambon is located near the Tuileries Garden and the Place de la Concorde, where the exclusive Crillon hotel sits, making it a top tourist destination. The Elysee Palace, the official residence of the French president, is also situated nearby. Owning a store can protect a retailer from ever-increasing rents and make it easier to justify the significant expense of turning boutiques into destinations where well-heeled customers want to spend hours shopping. Luxury players, notably LVMH Moët Hennessy Louis Vuitton SE, have invested heavily to transform stores into art and food destinations. Chanel also announced last year that it bought a building on Paris's upscale avenue Montaigne, without disclosing the price. Earlier this week, Chief Financial Officer Philippe Blondiaux said the company spent around $600 million buying property last year.
Business of Fashion
22-05-2025
- Business
- Business of Fashion
Chanel Spent $133 Million on Paris Building Near Flagship Store
Chanel Ltd. splurged on a property near its main boutique in Paris last year as luxury brands seek to secure prime locations for their stores. The building, located at 23 rue Cambon — close to Chanel's flagship boutique at No. 31 — was purchased for €118 million ($133 million) in September, according to a property database. The acquisition 'was part of the record level of investment made during the year, including in real estate,' a Chanel representative said. The luxury label known for its tweed suits and No. 5 fragrance has had a presence on the street since 1910, when founder Coco Chanel opened a hat shop. Rue Cambon is located near the Tuileries Garden and the Place de la Concorde, where the exclusive Crillon hotel sits, making it a top tourist destination. The Elysee Palace, the official residence of the French president, is also situated nearby. Owning a store can protect a retailer from ever-increasing rents and make it easier to justify the significant expense of turning boutiques into destinations where well-heeled customers want to spend hours shopping. Luxury players, notably LVMH Moët Hennessy Louis Vuitton SE, have invested heavily to transform stores into art and food destinations. Chanel also announced last year that it bought a building on Paris's upscale avenue Montaigne, without disclosing the price. Earlier this week, chief financial officer Philippe Blondiaux said the company spent around $600 million buying property last year. By Angelina Rascouet Learn more: Chanel Pulls Back on Price Hikes as Sales Fall 4% The French couture and beauty giant is easing off punchy price increases and investing in new markets including India, Mexico and Canada. CEO Leena Nair and CFO Philippe Blondiaux said the luxury market remains 'challenging' as Chanel prepares to revamp its fashion image under new artistic director Matthieu Blazy.
Fashion Network
22-05-2025
- Business
- Fashion Network
Chanel spent €118 million on Paris building near flagship store
Chanel Ltd. splurged on a property near its main boutique in Paris last year as luxury brands seek to secure prime locations for their stores. See catwalk The building, located at 23 rue Cambon — close to Chanel's flagship boutique at No. 31 — was purchased for €118 million ($133 million) in September, according to a property database. The acquisition 'was part of the record level of investment made during the year, including in real estate,' a Chanel representative said. The luxury label known for its tweed suits and No. 5 fragrance has had a presence on the street since 1910, when founder Coco Chanel opened a hat shop. Rue Cambon is located near the Tuileries Garden and the Place de la Concorde, where the exclusive Crillon hotel sits, making it a top tourist destination. The Elysee Palace, the official residence of the French president, is also situated nearby. Owning a store can protect a retailer from ever-increasing rents and make it easier to justify the significant expense of turning boutiques into destinations where well-heeled customers want to spend hours shopping. Luxury players, notably LVMH Moët Hennessy Louis Vuitton SE, have invested heavily to transform stores into art and food destinations. Chanel also announced last year that it bought a building on Paris's upscale avenue Montaigne, without disclosing the price. Earlier this week, Chief Financial Officer Philippe Blondiaux said the company spent around $600 million buying property last year.
Fashion Network
22-05-2025
- Business
- Fashion Network
Chanel spent €118 million on Paris building near flagship store
Chanel Ltd. splurged on a property near its main boutique in Paris last year as luxury brands seek to secure prime locations for their stores. See catwalk The building, located at 23 rue Cambon — close to Chanel's flagship boutique at No. 31 — was purchased for €118 million ($133 million) in September, according to a property database. The acquisition 'was part of the record level of investment made during the year, including in real estate,' a Chanel representative said. The luxury label known for its tweed suits and No. 5 fragrance has had a presence on the street since 1910, when founder Coco Chanel opened a hat shop. Rue Cambon is located near the Tuileries Garden and the Place de la Concorde, where the exclusive Crillon hotel sits, making it a top tourist destination. The Elysee Palace, the official residence of the French president, is also situated nearby. Owning a store can protect a retailer from ever-increasing rents and make it easier to justify the significant expense of turning boutiques into destinations where well-heeled customers want to spend hours shopping. Luxury players, notably LVMH Moët Hennessy Louis Vuitton SE, have invested heavily to transform stores into art and food destinations. Chanel also announced last year that it bought a building on Paris's upscale avenue Montaigne, without disclosing the price. Earlier this week, Chief Financial Officer Philippe Blondiaux said the company spent around $600 million buying property last year.
Hindustan Times
22-05-2025
- Business
- Hindustan Times
Chanel spent €118 million on Paris building near flagship store
(Bloomberg) -- Chanel Ltd. splurged on a property near its main boutique in Paris last year as luxury brands seek to secure prime locations for their stores. The building, located at 23 rue Cambon — close to Chanel's flagship boutique at No. 31 — was purchased for €118 million ($133 million) in September, according to a property database. The acquisition 'was part of the record level of investment made during the year, including in real estate,' a Chanel representative said. The luxury label known for its tweed suits and No. 5 fragrance has had a presence on the street since 1910, when founder Coco Chanel opened a hat shop. Rue Cambon is located near the Tuileries Garden and the Place de la Concorde, where the exclusive Crillon hotel sits, making it a top tourist destination. The Elysee Palace, the official residence of the French president, is also situated nearby. Owning a store can protect a retailer from ever-increasing rents and make it easier to justify the significant expense of turning boutiques into destinations where well-heeled customers want to spend hours shopping. Luxury players, notably LVMH Moët Hennessy Louis Vuitton SE, have invested heavily to transform stores into art and food destinations. Chanel also announced last year that it bought a building on Paris's upscale avenue Montaigne, without disclosing the price. Earlier this week, Chief Financial Officer Philippe Blondiaux said the company spent around $600 million buying property last year. More stories like this are available on ©2025 Bloomberg L.P.
