Billionaire Bernard Arnault is spending $1 billion on renovating a Parisian luxury department store
LVMH, like other luxury brands, banks on shoppers in Hong Kong and mainland China for a large part of sales.despite the unrest in Hong Kong, however, the new store will likely be a major attraction for tourists coming from the region to Paris.
La Samaritaine, which is already part of LVMH, will open in April, after a 15-year renovation, complete with"restored Belle Epoque glamour, including ornate frescoes, mosaics and wrought-iron staircases," according to Bloomberg which sent reporters to a tour of the department store. It will include"a five-star Cheval Blanc hotel, restaurants, offices, and a Christian Dior-branded spa," according to Bloomberg, while the other half will be filled by luxury brands selling designer perfumes and handbags, tax-free to Chinese shoppers.
So far estimates say the 600 brands in La Samaritaine will attract several million shoppers, Bloomberg says.
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