The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PARIS, France — French luxury goods tycoon Bernard Arnault is expanding his art museum empire with plans to renovate a disused public building near his landmark Louis Vuitton Foundation on the outskirts of Paris.
The Musee National des Arts et Traditions Populaires, built in 1972 but sitting vacant since 2005, is to be turned into a multi-cultural arts and crafts centre in a 158 million euros ($167 million) revamp by architect Frank Gehry.
Gehry also designed the Louis Vuitton Foundation building, which stands 300 meters (yards) away on the edge of the Bois de Boulogne woods.
The investment was due to be announced later on Wednesday by Arnault, owner of luxury group LVMH, in the presence of President Francois Hollande, Paris Mayor Anne Hidalgo and Culture Minister Audrey Azoulay, a source close to the matter said.
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Gehry, whose Louis Vuitton Foundation building opened in 2014, will create a cultural center with an arts and crafts focus, featuring a concert hall and workshops for a 50 year-concession granted to Arnault by the City of Paris.
Paris officials last year renewed LVMH's concession for the Jardin d'Acclimatation amusement park behind the disused museum site, opening the way for a renovation of the garden and its attractions.
LVMH, which has managed the park since 1984, holds an 80 percent stake in a partnership with Compagnie des Alpes, a theme parks and ski resorts developer. The concession contract runs for 25 years.
By Dominique Vidalon; editor: Andrew Callus.
The deal is expected to help tip the company into profit for the first time and has got some speculating whether Beckham may one day eclipse her husband in money-making potential.
The designer has always been an arch perfectionist, a quality that has been central to his success but which clashes with the demands on creative directors today, writes Imran Amed.
This week, Prada and Miu Miu reported strong sales as LVMH slowed and Kering retreated sharply. In fashion’s so-called “quiet luxury” moment, consumers may care less about whether products have logos and more about what those logos stand for.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.