PARIS – Chanel mentioned Wednesday it has purchased the constructing housing its boutique on Avenue Montaigne for an undisclosed sum, as main luxurious manufacturers proceed to snap up actual property in a bid to safe prime places for his or her manufacturers.
The constructing at 42 Avenue Montaigne is house to a style, watches and tremendous jewellery boutique and workplaces, the French luxurious model mentioned in a press release. Chanel has been within the constructing since 1983.
It was the goal of a high-profile smash-and-grab theft in June, throughout which robbers rammed the home windows of the boutique with a automobile.
The 6,500-square-foot Chanel retailer covers two flooring and is designed to accommodate VIP shoppers with personal salons situated on the primary ground. The constructing spans seven flooring and three basement ranges.
A protected property, it was in-built 1965 by architects Roger Anger, Mario Heymann and Pierre Puccinelli, recognized for his or her inventive strategy utilizing geometric performs, on this case a pleated bay window structure.
The brand new Chanel boutique at Tysons Galleria Mall close to Washington, D.C.
Courtesy of Chanel
Asserting annual outcomes in Could, Chanel mentioned it deliberate to ramp up capital expenditures by a minimum of 50 % this 12 months from a report $1.23 billion in 2023.
“We can be actually on the offensive when it comes to potential actual property acquisitions, however we are going to do them on the proper time on the proper worth,” chief monetary officer Philippe Blondiaux informed WWD on the time.
Chanel has doubled the scale of its distribution community within the final 5 years. In 2024, it elevated its community to 612 places, with 47 internet openings.
“The acquisition of 42 Avenue Montaigne follows different actual property purchases in 2023 in Paris and throughout different cities together with London and Biarritz, essential in Chanel’s historical past and heritage,” the model mentioned on Wednesday.
The battle for actual property in Paris has been in comparison with a sport of Monopoly, with Avenue Montaigne considered one of its most prized places.
Amongst others, LVMH Moët Hennessy Louis Vuitton in 2022 acquired the constructing housing its headquarters at quantity 22, whereas rival group Kering has purchased the previous house of the Canadian embassy throughout the road at quantity 35.
