Boucheron has just inaugurated its new New York flagship on Madison Avenue. The opening marks the beginning of a geographic expansion into the American market for the famous jeweler from Place Vendôme.
Up until now, Boucheron has focused on non-European geographic expansion in Asia, particularly China, and is now laying the foundations for its network of directly-operated boutiques on American soil.
The historic Place Vendôme jeweler, which recently celebrated the 30th anniversary of its iconic Quatre collection,opened its first American flagship storeon Madison Avenue in New Yorkon September 10. The brand had already set foot in the United States, but closed its boutiques in Hawaii and San Francisco a few years ago.
In the heart of the Upper East Side
Halfway between a residential neighborhood and the epicenter of New York luxury, on the island of Manhattan, lies the Upper East Side. This New York neighborhood is known as the bastion of American“Old Money”.
The area is not only home to the private Florence Ballard High School, itself strongly inspired by the Nightingale-Bamford School attended by Cecily von Ziegesar, author of the Gossip Girls series (2007). The Rockefellers, Vanderbilts and other Astors also took up residence in this chic neighborhood as early as 1890, on Madison Avenue to be precise.
It was in this landmark neighborhood, at 747 Madison Avenue to be precise, that jeweler Boucheron, property of Kering group, inaugurated its first physical New York boutique.
The event was attended by American actress and businesswoman Gwyneth Paltrow, Riverdale star actor and director Cole Sprouse, influencer Ari Fournier, fashion photographer Ellen Von Urwerth, American singer-songwriter Hailee Steinfeld, revealed in the film True Grit, and singer Mina Myoi of the K-pop group Twice, as well as friends of the House, namely Polish model Anja Rubik and British TV host and model Alexa Chung.
“America was a market waiting to happen ,” said CEO Hélène Poulit-Duquesne at the opening on September 10.
This first flagship, featuring a touch of New York Art Deco style, spans 362 sq. m (3,900 sq. ft.), reflecting all the family experience of the historic Place Vendôme store, founded by Frédéric Boucheron in 1858.
Interviewed by WWD, Boucheron’s CEO said that “the boutique serves as a bridge between Paris and New York and is linked to Boucheron’s flagship store at 26, Place Vendôme, Paris [renovated in 2018]”.
The inauguration of Boucheron’s first New York address kicks off a whole program of festivities. An immersive event is planned in New York from September 10 to 12 to showcase Boucheron’s DNA, followed by the presentation of “Or Bleu”, Boucheron’s new Carte Blanche Haute Joaillerie collection, and the U.S. preview of Quatre 5D Memory, the Maison’s latest jewelry innovation.
Second phase of global expansion
“ It’s a dream come true. The United States has always held a special place in our history. Our customers have included the greatest American families and Hollywood stars. Today, we want to make ourselves better known and familiarize Americans with the world of Boucheron ”, declared the CEO.
She added : “Our watchwords are innovation, creativity and self-expression. We are delighted to offer a unique vision of fine jewelry – emotional, alive and designed to be worn, not hidden.”
By targeting the American market, Boucheron marks the beginning of a planned expansion with several launches in major American cities. The jewelry house plans to open further physical boutiques in Las Vegas, Los Angeles and Miami by 2025.
When Hélène Poulit-Duquesne took over the helm in 2015, the Maison had just closed its only two American boutiques, based in Hawaii and San Francisco. Since then and until now, Boucheron’s distribution on American soil has relied exclusively on luxury department stores, namely: Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
At the inauguration of the New York flagship, the CEO emphasized the brand’s maturity, saying: “ Today, China and Korea are major markets, and we can reinvest in the United States. “You have to insist for a long time and be very patient to establish yourself in the United States,” she continued, adding that ” [ America] needs a lot of investment to do things right.”
Madison Avenue (between 57th and 72nd Streets), home to Hermès’ four-storey flagship in 2022, has long been more competitive than its neighbor, 5th Avenue – considered by Cushman & Wakefield to be the world’s most expensive shopping thoroughfare at 20,384 euros/sq.m/year ($22,619). But it is now caught up in a crisis in retail space availability, leading to a rise in rents not seen since the fourth quarter of 2023. Considered the second most expensive shopping street in the United States, Madison Avenue has an average rent of 12,740 euros/sq.m/year, or $14,137.
Tiffany & Co opened its ten-storey flagship, The Landmark, on 5th Avenue in April 2023.
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Featured Photo: © Boucheron
