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The luxury brand Balenciaga just signed an agreement to open a new flagship store on London’s iconic Bond Street. The company, owned by the Kering group, reportedly paid 6.2 million dollars to take over the lease from British retailer Russell & Bromley.
One of France’s best-known fashion houses has concluded an agreement with British shoe and handbag retailer Russell & Bromley Ltd to take over the lease of its store on New Bond Street, London’s most exclusive shopping street, according to people close to the case, who however asked not to be identified as the agreement is confidential.
According to the same sources, Kering also concluded a separate agreement with the owner of the building, the City of London Corp, to take over the first floor of the offices above the store, giving Balenciaga a new two-storey flagship space.
A project that would have cost Balenciaga £5 million ($6.2 million), although Kering has so far declined to comment, as have the City of London and Russell & Bromley.
The deal comes at a difficult time for the retail sector given the current global coronavirus crisis, which has forced many retailers, especially ” non-essential ” luxury brands, to hurriedly close their doors.
The agreement thus aims at a powerful comeback of Balenciaga on the highly desirable Bond Street, after a period of intense turbulence.
It also intends to reverse the trend in the United Kingdom, one of the countries hardest hit by the epidemic and where the suspension of international tourism has contributed to decimate luxury shopping, deprived of its high-end clientele.
Versace and Brunello Cucinelli are also planning to open stores on the same stretch of New Bond Street, a few metres from the famous auction house Sotheby’s, according to the American group Bloomberg.
This is a glimmer of hope, even if uncertainties remain about new sanitary measures – especially social distancing – that this new store will have to adopt, the challenge here being to continue to offer a luxury experience to future wealthy customers.
Nevertheless, the French luxury fashion brand is preparing to resume its activity in the heart of London’s premier retail destination for high-end products, and to revive the luxury trade.
Read also > Kering has issued a 1.2 billion euro bond to bulk up on cash
Featured photo : © Balenciaga[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The luxury brand Balenciaga just signed an agreement to open a new flagship store on London’s iconic Bond Street. The company, owned by the Kering group, reportedly paid 6.2 million dollars to take over the lease from British retailer Russell & Bromley.
One of France’s best-known fashion houses has concluded an agreement with British shoe and handbag retailer Russell & Bromley Ltd to take over the lease of its store on New Bond Street, London’s most exclusive shopping street, according to people close to the case, who however asked not to be identified as the agreement is confidential.
According to the same sources, Kering also concluded a separate agreement with the owner of the building, the City of London Corp, to take over the first floor of the offices above the store, giving Balenciaga a new two-storey flagship space.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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The luxury brand Balenciaga just signed an agreement to open a new flagship store on London’s iconic Bond Street. The company, owned by the Kering group, reportedly paid 6.2 million dollars to take over the lease from British retailer Russell & Bromley.
One of France’s best-known fashion houses has concluded an agreement with British shoe and handbag retailer Russell & Bromley Ltd to take over the lease of its store on New Bond Street, London’s most exclusive shopping street, according to people close to the case, who however asked not to be identified as the agreement is confidential.
According to the same sources, Kering also concluded a separate agreement with the owner of the building, the City of London Corp, to take over the first floor of the offices above the store, giving Balenciaga a new two-storey flagship space.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : © Balenciaga[/vc_column_text][/vc_column][/vc_row]
