LVBG might soon be our favorite shopping destination. We have unconfirmed information that LVMH, the French luxury conglomerate, is the frontrunner to buy Bergdorf Goodman. The 57th Street retail icon is currently owned by Neiman Marcus, which just came out of bankruptcy in September 2020.
Neiman Marcus denied any suggestion of selling the “Lavender Lady” when buzz started in July with a New York Post story stating that Ashkenazy Acquisition Corp. was an interested buyer of the property. The Post reported that Ashkenazy was negotiating for Bergdorf Goodman since Barneys, their former tenant at 660 Madison Avenue, went out of business.
If the LVMH purchase is successful it would give luxury tycoon, Bernard Arnault, control over all four retail corners of Fifth Avenue and 57th Street. The company currently owns Loius Vuitton, Bulgari, and most recently Tiffany. Bergdorf Goodman would be a venerable retail “monopoly” on what’s regarded as the most valuable retail real estate in the United States.
LVMH isn’t a newcomer to the department store game. The department store game. The company owns Le Bon Marche Rive Gauche in Paris, which operates as 24s.com online. LVMH recently renovated the landmark Parisian building at a cost of $894 million. The space was closed for 16-years and opened in June with a spa, a Cheval Blanc hotel with 26 rooms and 46 suites, a daycare center, coworking space, and social housing.