WWD.com/fashion-news/fashion-scoops/green-light-6550685
fashion-scoops
fashion-scoops

LVMH Gets Green Light on Renovation

On Tuesday the company received a construction permit from the City of Paris to start its renovation of La Samaritaine.

fashion-scoops/news
 La Samaritaine

GREEN LIGHT: On Tuesday LVMH Moët Hennessy Louis Vuitton received a construction permit from the City of Paris to start its renovation of La Samaritaine. The luxury giant had made the request in July 2011.

The new multiuse complex — spearheaded by Jean-Jacques Guiony, who is also chief financial officer of LVMH — will include a luxurious Cheval Blanc hotel, restaurants, shops, offices and affordable-housing units.

LVMH is to invest 450 million euros, or $595.4 million at current exchange, in the Samaritaine site, which should open at the end of 2015.

The Samaritaine department store, a stone’s throw from the Louvre museum, was founded in 1870. LVMH acquired a majority stake in it in 2000.