The monetary phrases of the deal weren’t disclosed
21 June 2024
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French luxurious big LVMH accomplished its acquisition of Paris’s well-known restaurant “Chez L’Ami Louis”, established in 1924, because the group continues its diversification push in direction of way of life and hospitality, Reuters reported, citing the corporate on Thursday.
As the luxurious sector grapples with declining demand for high-end vogue as rich shoppers favor expertise over accumulating attire and equipment, LVMH is increasing its portfolio within the fast-growing “experiential” high-end journey and hospitality sector.
“LVMH will work to protect the distinctive character and household id and proceed to assist its French savoir-faire and experience,” the corporate, managed by billionaire Bernard Arnault, stated in a press release.
LVMH, the world’s largest luxurious group by market capital and one of many official sponsors of the Paris 2024 Olympic Summer season Video games, is closely banking on Paris’s picture as a world capital of style and elegance.
Chez l’Ami Louis, a classical bistrot located between the Centre Pompidou and Place de la Republique, is cherished for its fois gras and roasted hen.
The monetary phrases of the deal weren’t disclosed.
