Chanel Ltd. is in talks to buy a constructing on Manhattan’s Fifth Avenue, becoming a member of the competitors among the many world’s prime retailers to snap up spots on New York’s iconic luxurious purchasing hall.
Chanel is in discussions to purchase 745 Fifth Ave., in response to an individual accustomed to the matter. The model is competing towards LVMH Moët Hennessy Louis Vuitton SE, which has additionally been in talks to accumulate the constructing on the nook of 58th Road, the particular person mentioned, asking to not be named citing non-public data.
A spokesperson for Chanel declined to remark. Spokespeople for LVMH and landlord Paramount Group Inc. declined to remark.
World luxurious retailers have been competing to personal buildings on Manhattan’s Fifth Avenue in latest months. Gucci proprietor Kering SA mentioned it bought 715-717 Fifth Ave. for $963 million earlier this yr. Entities tied to Prada SpA have been behind the $835 million buy of two buildings close by, Bloomberg Information reported final yr.
In the meantime, Swiss watchmaker Rolex is developing a headquarters constructing at 665 Fifth Ave. Final yr, LVMH opened its renovated Tiffany & Co. retailer on the nook of 57th Road.
Luxurious retailers are additionally looking for property globally. Final week, Kering mentioned it’s spending €1.3 billion ($1.41 billion) for a Milan property. The Gucci and Balenciaga proprietor has additionally snapped up buildings in Tokyo and Paris.
By Natalie Wong
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