The Galleria Vittorio Emanuele II, one of the most iconic places in Milan, is about to become even more prestigious with the addition of two new stores from the LVMH portfolio. Dior and Fendi are set to join the luxury group’s prestigious Maisons, making this historic building an exceptional address for an unparalleled retail experience.
The news comes after LVMH secured a major financial agreement, allowing them to establish Dior and Fendi stores within the famous Italian gallery. This move follows in the footsteps of Louis Vuitton, which has already made its mark in the Galleria Vittorio Emanuele II. As a result, Versace will be stepping aside to make way for these new additions.
According to The Guardian, Dior will be taking over the lease previously held by Versace since 2013. With an 18-year lease, Dior will occupy a generous 234 m2 space in the heart of the gallery, after relocating its flagship store from Avenue Montaigne in Paris to the Champs Elysées. The lease agreement comes at a cost of 5 million euros annually, setting a new record for the area. Notably, Hermès, Prada, Saint Laurent, and Versace also participated in a public auction to secure their positions in the gallery.
On the other hand, Fendi emerges as the top contender in securing a space within the Galleria Vittorio Emanuele II, with an estimated annual rent of around 2.4 million euros. Rumors suggest that the brand faced tough competition from Prada and Bottega Veneta for this coveted spot. Fendi will be occupying a space formerly owned by Armani, further solidifying its presence in the fashion capital.
The Galleria Vittorio Emanuele II, which was inaugurated in 1878, holds immense historical and cultural significance in Milan. It is a beloved destination for tourists, bridging the famous Piazza del Duomo and La Scala. With Dior and Fendi joining the ranks, they will also have the privilege of being neighbored by the esteemed Marchesi 1824 pastry shop owned by the Prada group.
These new additions to the Galleria Vittorio Emanuele II further solidify Milan’s position as a global fashion and luxury hub. The presence of these prestigious brands will undoubtedly enhance the allure and exclusivity of this already iconic destination.
– Here are two useful links for more information on the Galleria Vittorio Emanuele II and the LVMH portfolio:
1. https://www.galleriavittorioemanuele.it/
2. https://www.lvmh.com/
