It has been reported that Balenciaga has struck a deal to open a new flagship store on London‘s iconic Bond Street. The luxury Kering-owned label reached an agreement with British footwear and handbag retailer Russell & Bromley to take over its lease on for its store on New Bond Street, according to people familiar with the matter, who asked not to be identified because the deal is confidential.
Kering liaised with the building’s owner, the City of London Corp., to take over the first floor of offices above the store too, therefore giving Balenciaga a new two-story flagship space. According to sources close to the matter, Balenciaga reportedly paid $6.2 million USD to take over the lease — however, all parties involved did decline to give a comment to Bloomberg.
It is a difficult time for retail given the current global coronavirus crisis, which has forced many retailers — especially non-essentials such as luxury brands — to shut its doors for the time being. Stay tuned to HYPEBEAST as further news unfolds.
In other news, Eleven Madison Park might not reopen as a result of coronavirus’ impact on business.