Louis Vuitton store on New Bond Street sold

Two sources have reportedly said following a settlement between an Irish property agent and as Irish property developer, the flagship Louis Vuitton store on New Bond Street, London, and another two shops, have been purchased by the chief executive of LVMH, Bernard Arnault.

Arnault is France’s richest man, and earlier this month he agreed to purchase three trophy stores in the most expensive shopping street in the capital for £30m. This deal, according to the sources, was dependent on the legal dispute being settled with the stores’ original owner David Daly, an Irish developer.

The shops included in the deal are the French luxury goods company LVMH’s flagship Louis Vuitton store situated as 17-20 New  bond Street,  and a further two stores that have been let to the luxury stationer Smythson and the US retailer of leather goods, Coach. Control of the shops was seized from Daly in June when he missed the debt repayment deadline, but an out of court settlement has been reached and the stores sold.