a Parisian mansion, not a French brand

Bernard Arnault used to be known for buying luxury brands. Now his favorite hobby is collecting buildings, the latest of which is a historic Paris mansion near the Opera Garnier.

Luxury giant LVMH, where Arnault is president, CEO and majority shareholder, acquired the Hotel Soltykoff at 10 rue Volney, located in the second arrondissement between the Opera and Place Vendôme, the most important high-end jewelry shopping district in the world.

According to sources, LVMH paid 30,000 euros per square meter for the 1,800-square-meter mid-19th-century building, valuing it at 55 million euros.

LVMH is rumored to see him as a smart asset for Louis Vuitton, which plans to open a high jewelry workshop in the building, which will include private rooms to receive very wealthy clients.

The building had long been known as Elephant Paname and was used intermittently as an exhibition and event space. It is named after Alexandre Soltykoff, the Russian ambassador to France who commissioned its construction in 1856. Designed by Charles Rohault de Fleury, the structure is a hybrid mix of French and Venetian architecture.

An LVMH spokesperson told FashionNetwork.com that the group “does not comment on this rumor.”

However, according to CFNEWS Immo, the well-informed French real estate website, the deal with Volney Street was closed in December. It follows two mega-acquisitions by LVMH of considerably large properties at 101 and 140 Champs-Elysées, both ten times larger.

Rue Volney is also the latest indication of Arnault's obsession with high jewelry. Although LVMH acquired Tiffany and also owns Bulgari, neither has the cachet of Cartier and Van Cleef & Arpels, two jewelry giants owned by Richemont, a rival conglomerate controlled by South Africa's Rupert family. Although Arnault, born in the provinces, is famous for catching up very quickly.

Around the corner, the LVMH group also controls 3,100 square meters at 7 rue de la Paix, located on the same side of the street as Cartier's main Paris store, the most important jewelry boutique in Paris. Europe.

Arnault reportedly acquired this real estate property on rue de la Paix in a major €900 million transaction by the Dray family. Among the properties acquired in that deal was a building at 12 Place des Etats Unis, which was later sold to Maison Margiela as its new global headquarters.

Irony of ironies, this last building is now the location of the workshop and studio of Maison Margiela couturier John Galliano. The same man who Arnault fired – without any compensation – in February 2011, after he was caught making anti-Semitic insults in a video to a group of Italian women, whose exact identity remains obscure.