Luxury brand Saint Laurent, owned by Kering and led by Francesca Bellettini, is set to open a new boutique in Paris. The brand will be taking over the iconic boutique on Boulevard Saint-Germain that previously belonged to Sonia Rykiel. The space had been unused commercially, but last February, a charity book sale was organized by Nathalie Rykiel, the daughter of the late French designer, on the last day of the lease agreement. It was then confirmed that the new owner of the Sonia Rykiel brand, American group G-III, would not be occupying the space.
The 550-square-meter boutique, located on the corner of Boulevard Saint-Germain and Rue des Saints-Pères, became available and Saint Laurent secured the space through a transaction facilitated by Cushman & Wakefield. Joining other luxury boutiques such as Brunello Cucinelli, Moncler, Gucci, and Emporio Armani, the new boutique will be situated in the sixth arrondissement.
Currently, Saint Laurent operates two stores on the left bank of Paris, one on Rue de Grenelle and another on Rue des Saint-Pères. However, the former Sonia Rykiel flagship will offer a more prominent setting for Anthony Vaccarello’s collections and serve as a counterpart to the impressive Saint Laurent Rive Droite boutique. The Rive Droite boutique, located on Rue Saint-Honoré, was previously the renowned concept store, Colette, before Saint Laurent acquired it.
The opening of the new boutique in Paris coincides with the return of international tourists, particularly from America, the Middle East, and Europe, to the capital. Saint Laurent has also demonstrated strong performance in the first half of the year, with a turnover of 1.48 billion euros (an increase of 42% on a reported basis; 34% on a comparable basis) and an operating margin of 29.6%, which is a record for the first half of the year.
Overall, Saint Laurent’s acquisition of Sonia Rykiel’s long-standing boutique is a strategic move to expand its presence in Paris and cater to the growing luxury market. With the brand’s strong performance and the allure of the iconic location, the new boutique is expected to be a great success for Saint Laurent.
Useful Links:
– Saint Laurent Official Website
– Cushman & Wakefield Official Website
