LVMH partnered up with the Japanese group Mori for an enormous realty project. The contribution by the French luxury brand amounts to 60 million euros.
After investing in young fashion designers and recently bought the watch manufacturer Taramax, LVMH decided to extend its business to the realty market. The luxury company formed a partnership with the Japanese group Mori for a major realty project in Tokyo’s Ginza district.
The new complex led by LVMH will comprise of residences and luxury stores. The president of the Mori group recently announced that the whole project would cost about 582 million euros. Hence with its 600 million euros investment, LVMH will own part of the building. Yves Carcelles, LVMH’s board member, declared that, ‘this is a clear financial commitment’.
LVMH invests in a luxury complex
The future complex in which the conglomerate LVMH invested will expand over 147 600 square metres, over 13 floors and 6 underground levels. The building will be home to a number of offices as well as many luxury retails.
“With the Olympic Games coming up, we must accelerate project development,” Mori Building’s Tsuji said. The development started end of April and should be concluded in 2016.