THE WHAT? Chanel has reportedly purchased its Bond Street store for £310 million, in a show of confidence fo retail in London.
THE DETAILS The luxury fashion house is said to have seen off competitors for the retail space, including private investors in Hong Kong, Europe and America, as well as the Abu Dhabi royal family, with the purchase price being £70 million over the £240 million asking price.
One of Chanel’s largest spaces worldwide, the store covers three floors and sells fashion, beauty and accessories.
WHY? The acquisition highlights Chanel’s commitment to British retail despite the high street reporting a fall in sales and shoppers following lockdown measures.
While the premium brand accessed the Bank of England’s emergency coronavirus lending scheme at the start of the pandemic, borrowing some £600 million, the company has said this has since been paid back in full.
It said in a statement, “As a UK-based business, Chanel accessed the Bank of England loan scheme in April 2020, at a time when all of its boutiques in the UK were closed. Since that time we have repaid the loan in full.”