LVMH is setting its sights on the hospitality industry with news of the luxury fashion house set to open a hotel on London’s Grafton street. According to reports, the company has plans to launch a hotel, restaurant, spa and potential Celine flagship store in the building. The move is in collaboration with property developer O&H, and is rumored to be worth up to half a billion British pounds.
Notable Quotes: “The future of luxury will not only be in luxury goods, as it’s been for many years, but also in luxury experiences, and we want to be in both segments.” -LVMH chief executive officer, Bernard Arnault
The project is slate to be completed by 2022.