French Maison Chanel Purchases Bond Street Store for £310 Million

The same week that Chanel unveiled its new Spring/Summer 2021 collection at the Grand Palais in Paris, the French Maison has announced that it purchased its Bond Street store for £310 million, in a show of confidence to retail in London.

Chanel’s little black dresses, softly tailored tweed jackets and two-tone shoes have been a fixture at 159 Bond Street since 2013. In a boom for British retail, the Parisian fashion house has agreed to pay £310 million to buy the boutique outright, which is £70 million more than the original £240 million asking price. 

Chanel reportedly fought off competition for the prime location from the Abu Dhabi royal family, as well as private investors in Hong Kong, Europe and America. Spanning 12,600 sq ft, the flagship boutique is one of the largest Chanel shops in the world and houses the French Maison’s complete offering of ready-to-wear, footwear, accessories, fine jewellery and beauty, with sumptuous VIP changing rooms and an art-filled lounge.

The Chanel Boutique at Bond Street is one of Chanel’s largest spaces worldwide, the store covers three floors and sells fashion, beauty and accessories. 

Designed by Peter Marino, the boutique’s showpiece is a supersized, sculptural string of pearls that hangs down the middle of the stairwell, made from hand-blown Murano glass by French artist Jean-Michel Othoniel.

The French Maison has further outposts on Sloane Street in Knightsbridge and Walton Street in Brompton Cross, as well as a jewellery boutique on New Bond Street. 

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. 

While it is an undeniably difficult time for British retail, the luxury sector has continued to perform well: there have been consistent queues outside Bond Street’s most popular boutiques since they reopened in July, as well as steady footfall in Knightsbridge and Chelsea. During September, The Deck opened as the first all-female tailor on Savile Row, and Thom Sweeney unveiled a multistorey townhouse on Old Burlington Street. Off-White also recently debuted its first standalone London store on Sloane Street.

Chanel is currently controlled by Alain Wertheimer, 72, and his brother Gérard Wertheimer, 69. In 2018, the French fashion house elected London as the base for its global headquarters, transferring staff from New York and its native Paris. In 2019, Chanel increased profits by 16.6 per cent, totalling $3.5 billion, and announced in June that it still expects to turn a profit in 2020. 

Chanel devotees can rest assured that the Parisian mega-brand isn’t budging from Bond Street. Come into the beautiful world of Chanel.

Inside Chanel’s First Beauty Boutique In The Middle East

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Maison Chanel opened its doors to a French-style lounge setting located in the new Fashion Avenue extension in The Dubai Mall, the 130-square-meter space is what dreams are made of. Following the aesthetic of the fashion house, luxury is key. Materials are sumptuous, with gold breaking up the monochrome color theme.

Housing the latest trends from the Parisian Maison, clients will find cosmetics, skincare and fragrances for both men and women. The boutique will also be transformed with different themes; the first, ‘Chanel in Dubaï’, sees the fragrance line Les Exclusifs De Chanel used to create the iconic Burj Khalifa in the window in the new boutique.

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Head down in the first few weeks of the opening and explore the fragrances line Les Exclusifs De Chanel, a collection of 15 iconic scents inspired by different chapters of Mademoiselle Chanel’s life.

Offering advice on application, techniques, and skincare, it’s like having your own troop of beauty experts at hand.

In 130 square meters of open space, the boutique has also set up a private room for clients to try on the latest products. Special services can also be booked for facial treatments, personalized eyebrow shaping, and for brides-to-be, custom bridal makeup session, to fine tune their wedding look with one of the experts.

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For the first time in the French fashion house’s history, the legendary Chanel No.5 fragrance has been redesigned in red, a limited-edition bottle which is also available at the new beauty space.

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Whether you’re stocking up your beauty bag or purchasing a gift for a loved one, a fragrance expert is at hand to help you choose the perfect scent. In-house makeup artists, alongside beauty advisors, when requested are also ready to walk clients through the latest releases.

Even if you’re not after any beauty products you might be tempted to stop by thanks to a selection of sunglasses from the latest collection, giving clients the opportunity to find the eyewear shape complimenting their face and make-up.

Come into the beautiful world of Chanel.