French luxurious group LVMH has acquired a historic villa in Cannes, France, for round €50 million ($52.7 million), to showcase its manufacturers in the course of the metropolis’s star-studded festivals, individuals aware of the matter mentioned.
LVMH Moët Hennessy Louis Vuitton SE will use the 12-bedroom property to host unique exhibits and occasions for its firms, which embody Louis Vuitton, Christian Dior and Moet & Chandon, mentioned one of many individuals, who requested to not be recognized discussing a non-public matter.
The transaction closed for €46.5 million in April, excluding furnishings and charges, beforehand unreported filings seen by Bloomberg present. It is likely one of the largest actual property offers ever in Cannes. Company Magrey & Sons brokered the deal.
A consultant for LVMH declined to remark.
Luxurious and vogue firms are more and more investing in motels and branded residences to host high clients, lengthen enterprise strains and create Instagrammable experiential advertising alternatives. LVMH has been on a property spending spree, shopping for a document €2.45 billion of actual property globally in 2023, largely for retail operations, and not too long ago purchased a stake in a high-end French resort group.
LVMH plans to lease out the villa in the course of the summer season months, when vacationers flock to the French Riviera, the individuals mentioned.
Villa Bagatelle sits on a hill with views of town and Mediterranean. The Artwork Deco-style property has two out of doors swimming swimming pools, one indoor pool, terraced gardens and may accommodate 14 members of workers. Inbuilt 1928, it’s had a sequence of high-profile house owners together with the Russian-Armenian billionaire Sarkisov brothers, banker Anatoly Motylev and Algerian businessman Rafik Khalifa, in accordance with Le Monde.
Cannes is dwelling to the famend Movie Competition every Might and the promoting trade’s flagship summit, Cannes Lion Worldwide Competition of Creativity, in June — each identified for attracting A-list celebrities to lavish villa and yacht events. LVMH is already a mainstay on the occasions, with its manufacturers dressing stars and internet hosting receptions. At this 12 months’s Cannes Movie Competition, Dior hosted a poolside get together attended by supermodel Naomi Campbell and actor Anya Taylor-Pleasure.
In February, LVMH introduced it was beginning an leisure arm meant to spice up the attraction of its labels. The trouble is supposed to broaden advertising efforts for its numerous manufacturers into premium movie, TV and audio codecs.
By Benoit Berthelot
Study extra:
LVMH Extends Its Wager on Luxurious Hospitality With Fontenille Deal
LVMH Moët Hennessy Louis Vuitton SE has purchased a stake of about 20 p.c in Les Domaines de Fontenille, in accordance with an individual aware of the transaction who declined to offer the entity’s worth.
Disclosure: LVMH is a part of a gaggle of buyers who, collectively, maintain a minority curiosity in The Enterprise of Trend. All buyers have signed shareholders’ documentation guaranteeing BoF’s full editorial independence.
