Chanel is in talks to purchase a building on Fifth Avenue in New York. One of its competitors in this real estate race is none other than the luxury group LVMH.
Competition can be fierce among luxury giants. At a time when the Kering and LVMH groups are vying for the best locations in Europe against the backdrop of the Olympic Games (Paris and Milan), Chanel is in talks to buy a building on the famous Fifth Avenue in New York, according to a source close to the matter. Located at the corner of 58th Street, the property currently houses a Bergdorf Goodman store for men on its first three floors.
This highly strategic location on one of the most famous streets in the world has also attracted the attention of the luxury group LVMH. As of late January, the company headed by Bernard Arnault had considered acquiring the building. The French group is already well established on the avenue, owning, among other properties, the recently renovated Tiffany & Co store located at the corner of 57th Street.
Contacted by the press, spokespeople for Chanel and LVMH declined to comment on their respective acquisition plans.
Fifth Avenue, a Luxury Landmark
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Read also>KERING ACQUIRES A JEWEL OF A PROPERTY ON 5TH AVENUE IN NEW YORK FOR $963 MILLION
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