Armed robbers raided a store of the luxury Swiss watch brand Piaget in central Paris on Tuesday, escaping with between €10 million to €15 million ($11 million to $16.5 million) worth of jewellery, the Paris prosecutor’s office said.

The robbery took place around lunchtime at the store on the Rue de la Paix in the upscale Place Vendome area, home to several jewellers, watchmakers and luxury brands. The area has seen a spate of armed robberies in recent years.

An investigation is now underway, and a source close to the matter said police were looking for three suspects.

In May last year, armed thieves robbed a Chanel watch and jewellery store in the area and then sped off on motorbikes. Bulgari and Chaumet stores have also been robbed in recent years.

Piaget is part of the Swiss luxury goods group Richemont.

By Augustin Turpin; Editors GV De Clercq and Angus MacSwan

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