For around 50 million euros, LVMH purchased a property in Cannes (Alpes-Maritimes) intended to become an exclusive venue for events linked to its brands, including Louis Vuitton, Christian Dior and Moët & Chandon.
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– LVMH purchased a property in Cannes intended to become an exclusive venue for events.
A new real estate acquisition for LVMH. The group concluded the purchase of a villa in Cannes (Alpes-Maritimes) in April 2024, via the Magrey & Sons agency, for an amount of 46.5 million eurosaccording to the Bloomberg agency and relayed by Fashion Network. LVMH will use the property to organize exclusive exhibitions and events for his companies, notably Louis Vuitton, Christian Dior and Moët & Chandon. Large receptions will take place during the Cannes Film Festival or the Cannes Lions International Festival of Creativity.
The property is an art deco villa dating from 1928 which extends over an area of approximately 3,000 square meters and understands 190 suites. The residence also includes three swimming pools and a garage that can accommodate eight cars. The villa has already received many beautiful people. Like the billionaire Sarkisov brothers, the banker Anatoly Motylev or the Algerian entrepreneur Rafik Khalifa. Outside of events, LVMH plans to rent the villa during the summer months.
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2.45 billion euros of real estate investment in 2023
This purchase is part of a real estate purchase strategy led by LVMH, which recently acquired a stake in Les Domaines de Fontenille, a group of French luxury hotels. In 2023, the group accelerated the acquisition of real estate across the world for a record amount of 2.45 billion euros in 2023. Within the luxury and fashion sector, investments are on the rise in residential and hotel structures.
