Kering has reportedly acquired prime commercial real estate in Paris paying approximately €300 million for the entire building at 235 rue Saint-Honoré, which consists of seven floors, including the mezzanine, and extends to rue de Castiglione, the street that leads to place Vendôme. “
On rue de Castiglione, renovation work has been under way for some months. The Annick Goutal, Ladurée and Espace Castiglione stores, and the Carré des Feuillants restaurant, are all closed. Hoardings have been put up over several dozens of metres, shutting off the rue de Castiglione arcades.
According to various sources, Kering is planning to open a new 2,000 square-metre-plus flagship store for Gucci, its leading label. In a report on commercial projects currently planned in Paris, real estate developer Knight Franck has indicated that the store would extend over 2,350 square metres on two floors.
Gucci’s prospective new store would sit literally opposite the Parisian flagship of Louis Vuitton, Gucci’s LVMH-owned arch-rival. It is unclear what Kering intends to do with the building’s upper floors.
According to the building permit filed with the Paris city authorities, the development consists of a total of nearly 8,000 square metres, and has been commissioned to architecture studio Franklin Azzi.
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