Skip to main content

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Hermès Moves US Headquarters to Manhattan’s Former Sony Building

Sales growth at Hermès eased in the final quarter of last year, missing market forecasts and sending its shares down as much as 7 percent. — Hermès moves its headquarters. (Getty Images)

By

Bloomberg

28 February 2022

Luxury fashion brand Hermès International is moving its US headquarters to a building on Manhattan’s Madison Avenue that’s being redeveloped.

The Paris-based designer is taking more than 71,000 square feet (6,600 square meters) of offices at 550 Madison Ave., landlord Olayan Group said in a statement Monday. The lease is for all the space on the tower’s 23rd through 25th floors.

The deal comes as companies increasingly opt for newer skyscrapers or redeveloped buildings. In November, the insurer Chubb signed on as an anchor tenant at 550 Madison, the former Sony Building. Citadel is exploring taking multiple floors at the property, Bloomberg reported earlier this month.

Olayan is gut-renovating the 800,000-square-foot tower and adding a garden, hospital-level filtration systems and a curated library.

ADVERTISEMENT

By Natalie Wong

Learn more:

Saving America’s Most Illustrious Stretch of Retail Real Estate

Madison Avenue used to be one of the most popular places to shop in the world. Now, after brands such as Calvin Klein and Proenza Schouler have exited, landlords are struggling to find tenants to replace them.

In This Article

Topics

Luxury

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Luxury

How rapid change is reshaping the tradition-soaked luxury sector in Europe and beyond.

Kering Profits to Plummet 40-45% in First Half

The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.

Op-Ed | Tapestry-Capri and Pricey Purses Are the Wrong Targets for Trustbusters

Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.

Can Kering Turn Things Around?

As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.

Can Celine Work Without Hedi Slimane?

After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

CONNECT WITH US ON

The Business of Beauty Global Awards - Deadline 30 April 2024

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.

The Business of Beauty Global Awards - Deadline 30 April 2024