By
Bloomberg
Printed
December 19, 2024
French luxurious group LVMH has acquired a historic villa in Cannes, France, for round €50 million ($52.7 million), to showcase its manufacturers through the metropolis’s star-studded festivals, individuals conversant in the matter mentioned.
The historic property Villa Bagatelle just lately acquired by French luxurious group LVMH, in Cannes, France – Magrey & Sons
LVMH Moët Hennessy Louis Vuitton SE will use the 12-bedroom property to host unique exhibits and occasions for its corporations, which embrace Louis Vuitton, Christian Dior and Moet & Chandon, mentioned one of many individuals, who requested to not be recognized discussing a non-public matter.
The transaction closed for €46.5 million in April, excluding furnishings and charges, beforehand unreported filings seen by Bloomberg present. It is without doubt one of the largest actual property offers ever in Cannes. Company Magrey & Sons brokered the deal.
A consultant for LVMH declined to remark.
Luxurious and vogue corporations are more and more investing in resorts and branded residences to host prime clients, prolong enterprise strains and create Instagrammable experiential advertising alternatives. LVMH has been on a property spending spree, shopping for a report €2.45 billion of actual property globally in 2023, largely for retail operations, and just lately purchased a stake in a high-end French resort group.
LVMH plans to hire out the villa through the summer time months, when vacationers flock to the French Riviera, the individuals mentioned.
Villa Bagatelle sits on a hill with views of town and Mediterranean. The Artwork Deco-style property has two outside swimming swimming pools, one indoor pool, terraced gardens and might accommodate 14 members of employees. In-built 1928, it’s had a collection of high-profile homeowners together with the Russian-Armenian billionaire Sarkisov brothers, banker Anatoly Motylev and Algerian businessman Rafik Khalifa, in accordance with Le Monde.
Cannes is residence to the famend Movie Pageant every Could and the promoting trade’s flagship summit, Cannes Lion Worldwide Pageant of Creativity, in June — each recognized for attracting A-list celebrities to lavish villa and yacht events. LVMH is already a mainstay on the occasions, with its manufacturers dressing stars and internet hosting receptions. At this yr’s Cannes Movie Pageant, Dior hosted a poolside social gathering attended by supermodel Naomi Campbell and actor Anya Taylor-Pleasure.
In February, LVMH introduced it was beginning an leisure arm meant to spice up the enchantment of its labels. The hassle is supposed to broaden advertising efforts for its numerous manufacturers into premium movie, TV and audio codecs.
