Chanel Ltd. is in talks to purchase a building on Manhattan’s Fifth Avenue, joining the competition among the world’s top retailers to snap up spots on New York’s iconic luxury shopping corridor.

Chanel is in discussions to buy 745 Fifth Ave., according to a person familiar with the matter. The brand is competing against LVMH Moët Hennessy Louis Vuitton SE, which has also been in talks to acquire the building at the corner of 58th Street, the person said, asking not to be named citing private information.

A spokesperson for Chanel declined to comment. Spokespeople for LVMH and landlord Paramount Group Inc. declined to comment.

Global luxury retailers have been competing to own buildings on Manhattan’s Fifth Avenue in recent months. Gucci owner Kering SA said it purchased 715-717 Fifth Ave. for $963 million earlier this year. Entities tied to Prada SpA were behind the $835 million purchase of two buildings nearby, Bloomberg News reported last year.

Meanwhile, Swiss watchmaker Rolex is constructing a headquarters building at 665 Fifth Ave. Last year, LVMH opened its renovated Tiffany & Co. store at the corner of 57th Street.

Luxury retailers are also hunting for property globally. Last week, Kering said it’s spending €1.3 billion ($1.41 billion) for a Milan property. The Gucci and Balenciaga owner has also snapped up buildings in Tokyo and Paris.

By Natalie Wong

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