LVMH Moët Hennessy Louis Vuitton, the French parent company of luxury retailers such as Givenchy and Fendi, filed a permit last week to tear down its 20-story flagship Louis Vuitton location in Manhattan’s ritzy Plaza District, city records show, to make way for a revamped store.
The Paris-based conglomerate, more commonly known as just LVMH, plans to raze its 91,060-square-foot berth at 1 E. 57th St., which is currently occupied by the pricey leather goods brand, according to a June 7 application filed with the Department of Buildings.
LVMH, the world’s largest luxury goods company, with 75 brands to its name, including Christian Dior, had previously filed plans in March to bulldoze another one of its buildings next door, at 743 Fifth Ave., which shares a wall with the one on East 57th Street and is currently home to a store for Swiss watchmaker Hublot.
Franklin Dickinson, the senior vice president of architecture and construction at LVMH, is the signatory on both applications. Demolition of the Louis Vuitton storefront between Fifth and Madison avenues is slated to cost $13 million, according to the filed permit, which was first reported by PincusCo.
Earlier this year LVMH was in talks to scoop up the adjacent structure at 745 Fifth Ave., a 35-story building owned by Paramount Group and occupied by the Bergdorf Goodman men’s store on the first three floors. The Parisian company was one of several bidders competing for the property, Crain’s reported in January. Now six months later, it doesn’t appear as if the building has been sold, according to city records.
And amid construction of its new Louis Vuitton flagship, the dimensions for which are so far unclear, LVMH has reportedly signed a seven-year lease at 6 E. 57th Street — a Trump Organization building currently home to the high-end jewelry brand Tiffany & Co., which LVMH acquired in 2021. However, no construction permits have been filed yet to erect the new space, records indicate.
Neither LVMH nor the Trump Organization responded to a request for comment. LVMH’s corporate headquarters are at 19 E. 57th St. It reported 2023 revenue of $92.7 billion.
Julianne Cuba , 2024-06-10 19:40:46
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