LVMH acquires a 50 million euro villa in Cannes to organize private events (#1687537)

The French luxury group LVMH has acquired a historic villa in Cannes for around 50 million euros, in order to present its brands during the city’s festivals, according to people familiar with the matter.

LVMH will use the 12-room property to host exclusive exhibitions and events for its companies, including Louis Vuitton, Christian Dior and Moët & Chandon, said one of the people, who asked not to be identified, on the subject. being confidential.

The transaction was concluded in April for 46.5 million euros, excluding furniture and fees, according to unpublished documents seen by Bloomberg. This is one of the largest real estate transactions ever carried out in Cannes. The Magrey & Sons agency negotiated the transaction.

A representative of LVMH did not wish to comment on this information.

Luxury and fashion companies are increasingly investing in branded hotels and residences to welcome their best clients, expand their activities and create Instagrammable marketing operations. LVMH has embarked on a real estate spending spree, acquiring real estate across the world for a record €2.45 ​​billion in 2023, primarily for retail operations. The group also recently acquired a stake in a high-end French hotel group.

LVMH plans to rent the villa during the summer months, when tourists flock to the French Riviera.

Villa Bagatelle is located on a hill which offers breathtaking views of the city and the Mediterranean. This Art Deco-style property has two outdoor swimming pools, an indoor swimming pool, terraced gardens, and can accommodate up to 14 staff members. Built in 1928, it has seen a series of prestigious owners, including the Sarkisov brothers, Russian-Armenian billionaires, the banker Anatoly Motylev, and the Algerian businessman Rafik Khalifa, according to The World.

Cannes hosts the prestigious Film Festival each year in May, as well as the advertising industry’s must-see event, the Cannes Lion International Festival of Creativity, in June, both renowned for attracting the hottest celebrities. seen in sumptuous villas and other festive evenings organized on yachts. LVMH is already a pillar of these events, its brands dressing the stars and organizing receptions. At this year’s Cannes Film Festival, Dior held a pool party attended by supermodel Naomi Campbell and actress Anya Taylor-Joy.

In February, LVMH announced the creation of an “entertainment” branch intended to strengthen the appeal of its brands. The goal is to expand its brands’ marketing efforts into films, television shows and audio formats.