In June 2023, it was confirmed that luxury conglomerate LVMH would become a premium sponsor of the Paris Olympic Games of 2024, a status it paid nearly $160 million to obtain. In the past year, the group has boosted its real estate portfolio by acquiring buildings in prime locations in Paris, New York and other city centers to enhance its presence across retail and hospitality, which it has expanded ahead of the Olympics and will continue to do so afterwards. Louis Vuitton Expands Its Real Estate Beyond RetailFollowing the continued success of the Monsieur Dior restaurant and archive museum that opened in the renovated Parisian Dior flagship on Avenue Montaigne in 2022, LVMH is turning to its other iconic brand Louis Vuitton to create immersive brand experiences through hospitality. It was announced that the brand will open its first hotel on the Champs Elysées in Paris, an iconic avenue that is undergoing transformations ahead of the Olympic games to regain momentum. Real estate has become a momentous priority for LVMH: the acquisition of this building marks the third one made on the Champs Elysées Avenue.

Source: Forbes May 01, 2024 12:31 UTC