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Chanel vs. LVMH - A Fifth Ave Real Estate Battle


Chanel windows from the outside


Chanel Ltd. is currently in negotiations to acquire a prominent building on Manhattan’s renowned Fifth Avenue, joining the elite league of global luxury retailers vying for prime locations along New York's premier shopping corridor.


According to a source familiar with the matter, Chanel is eyeing the purchase of 745 Fifth Ave., contending against LVMH Moët Hennessy Louis Vuitton SE, which is also in discussions to secure the property situated at the intersection of 58th Street. The source, preferring anonymity due to the sensitive nature of the information, disclosed this development.


In recent months, there has been a fervent competition among luxury retailers to acquire real estate on Manhattan’s Fifth Avenue. Kering SA, the parent company of Gucci, announced earlier this year its acquisition of 715-717 Fifth Ave for $963 million. Meanwhile, reports from Bloomberg News indicated that entities linked to Prada SpA were behind the purchase of two neighboring buildings for $835 million. Additionally, Rolex, the Swiss watchmaker, is in the process of erecting its headquarters at 665 Fifth Ave. Notably, LVMH unveiled its revamped Tiffany & Co. store last year at the corner of 57th Street.


 The potential acquisition was first reported by Bloomberg.

1 Comment


Guest
Apr 23

It seems like Fifth Avenue is becoming even more of a hotspot for high-end brands!

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