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Bloomberg Published December 19, 2024 Reading time
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French luxury group LVMH has acquired a historic villa in Cannes, France, for around €50 million ($52.7 million), to showcase its brands during the city’s star-studded festivals, people familiar with the matter said.
LVMH Moët Hennessy Louis Vuitton SE will use the 12-bedroom property to host exclusive shows and events for its companies, which include Louis Vuitton, Christian Dior and Moet & Chandon, said one of the people, who asked not to be identified discussing a private matter.
The transaction closed for €46.5 million in April, excluding furniture and fees, previously unreported filings seen by Bloomberg show. It is one of the largest real estate deals ever in Cannes. Agency Magrey & Sons brokered the deal.
