What does it cost to land a spot on the most expensive two and a half blocks in Beverly Hills? $122 million for LVMH Moët Hennessy Louis Vuitton, parent company of Louis Vuitton.
Rodeo Drive is one of the most pricey retail streets in the United States, and rightfully so. The famous Beverly Hills shopping street is home to luxury designer stores from Chanel to Gucci. House of Bijan stands out on Rodeo Drive with lively vines climbing up the signature yellow storefront to flower covered windows, separating itself from the modern white buildings that line the street.
House of Bijan is already known as the most expensive store in the world, and, as of last month, it is the most expensive space on Rodeo Drive. LVMH purchased the location for a record price of $19, 405 per square foot.
The Los Angeles Business Journal first reported the $122 million purchase. The amount overshadows the previous record price of $13, 217 paid by Chanel to lease a building on the extravagant street. It will be interesting to see how the acquisition will affect business for both LVMH and House of Bijan.
Bijan Pakzad opened the store in 1976 after immigrating from Iran. Bijan passed in 2011, but is well known for his menswear designs and expensive cars. He collaborated with both Rolls Royce and Bugatti to create custom cars in his signature yellow color. The luxury store sees many high-profile clients from all over the world, including presidents, princes, and kings.
Rodeo Drive is only getting more expensive with each purchase. Every designer wants a spot on America’s second most expensive retail street.