Gucci, Prada and Tiffany’s bet big on property

High-end fashion has some new houses


  • by New York
  • 02 22, 2024
  • in Finance and economics

From theLED LVMH corner of Fifth Avenue and 57th Street the facade of Tiffany’s looks just as it did in 1961 when Audrey Hepburn, dressed in a long black dress and pearls, nibbled on a croissant outside it. Inside, however, things are rather different. After a four-year, $500m renovation, shoppers are greeted by a more modern experience.Everything shines: the rocks, the metal and marble display cases, the ceilings. What, at first glance, look like arched windows are really 7m-high screens showing a diamond bird flitting over Central Park. Lifts at the rear take shoppers to ten floors: one for silver, one for gold, one for “masterpieces”. A three-storey extension, with views over Fifth Avenue, now sits atop the building. These levels are appointment-only. “We call it the diamond on the roof,” quipped Alexandre Arnault, son of Bernard, who owns , a French conglomerate that bought Tiffany’s in 2021.

  • Source Gucci, Prada and Tiffany’s bet big on property
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