Luxury retailer Kering strikes record UK rent deal for Bond Street store

Kering, the French-based owner of Gucci, Balenciaga and other luxury retail brands, has agreed to take the six-storey retail store in London’s West End, market sources told The Sunday Times.

The previous UK record rent was £11m paid by Ralph Lauren for its Bond Street store in 2016.

The site, on the corner of Grafton Street, is owned by O&H Properties, the investment firm held by the families of property investors David Gabbay and Eli Shahmoon.

According to The Sunday Times, O&H, advised by CBRE, had been seeking offers in excess of £9m a year, but Kering faced strong competition for the store from rivals LVMH and Richemont.

The deal highlights the ongoing strength and resilience of the high-end luxury goods market in London despite the cost-of-living crisis and the ending of VAT-free shopping for tourists.

Source: Property Week