LVMH CEO buys three London stores
Bernard Arnault, chief executive of French conglomerate LVMH, has bought Louis Vuitton’s flagship store in London’s New Bond Street, along with two other shops, following a settlement between an Irish property developer and Ireland’s property agency, according to Reuters.
Mr Arnault agreed earlier in December to buy three stores on London’s most expensive shopping street for £300 million pounds, pending the settlement of a legal dispute with Irish developer David Daly, the store’s original owner.
The shops include French luxury goods company LVMH’s Louis Vuitton flagship store at 17-20 New Bond Street, plus two other stores let to American leathergoods retailer Coach and luxury stationer Smythson.
Ireland’s National Asset Management Agency (NAMA) seized control of the shops in June after Mr Daly failed to meet a debt repayment deadline.
