Kering Group has reportedly acquired prime commercial real estate in Paris at rue Saint-Honoré close to Place Vendôme.
According to a number of sources, Kering Group is planning to open a new 2,000sq m flagship store for Gucci, which is the group’s leading label. Renovation work has already been under way for a number of months, the Annick Goutal, Ladurée and Espace Castiglionne stores and the Carré des Feuillants restaurant are all closed.
The actual real estate that Kering Group have acquired consists of seven floors, including the mezzanine. It extends to rude de Castiglione, the street that leads to Place Vendôme. The prospective Gucci store would be situated directly across from the Parisian flagship of Louis Vuitton, the LVMH-owned rival of Gucci.
According to the building permit filed with the Paris city authorities, the development consists of a total of nearly 8,000sq m, and has been commissioned to architecture studio Franklin Azzi.
