21 December 2024
Luxury titan LVMH is amplifying its influence in the world of high fashion by purchasing a €46.5 million villa in Cannes.
Luxury titan LVMH is amplifying its influence in the world of high fashion by purchasing a €46.5 million villa in Cannes
The hotspot is synonymous with opulence and exclusivity and the mansion is a 12-bedroom Art Deco project known as Villa Bagatelle.
It will serve as a permanent venue to showcase LVMH’s prestigious brands, including Louis Vuitton, Dior, Bulgari, and Moët and Chandon.
Brokered by Magrey and Sons, the deal is one of Cannes’ most high-profile property transactions.
The Parisian conglomerate, led by billionaire Bernard Arnault, intends to use the villa for exclusive events and to strengthen its bond with elite clientele.
According to Bloomberg, the property will also be available for summer rentals when Cannes attracts affluent tourists and A-listers.
Villa Bagatelle, perched on a hill with stunning views of the Mediterranean, was built in 1928 and boasts two outdoor pools, an indoor pool, and space for eight cars.
It has previously been owned by a string of high-profile figures, including Algerian businessman Rafik Khalifa and Russian-Armenian billionaires the Sarkisov brothers.
Dior, one of LVMH’s marquee brands, already made waves at this year’s Cannes Film Festival – dressing luminaries including Meryl Streep and Juliette Binoche.
At a poolside party, supermodel Naomi Campbell and actress Anya Taylor-Joy added to the glamour.
This purchase underscores LVMH’s ambitious expansion strategy.
The group, which invested a record €2.45billion in global real estate this year, is reshaping how luxury is marketed and experienced.
Arnault, who briefly held the title of the world’s richest person in 2022, faces questions over his successor as he approaches 75.
His five children, all holding senior roles, are seen as contenders to helm the empire.
LVMH declined to comment on the acquisition.
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