Saint Laurent acquires Sonia Rykiel's long-standing boutique on Boulevard Saint-Germain
Saint Laurent, the Kering-owned brand headed by Francesca Bellettini, is set to open a beautiful new boutique on the left bank of the French capital. The luxury brand will set up shop in the coming weeks at 175 Boulevard Saint-Germain: Sonia Rykiel’s iconic library-boutique.
The space had ceased to operate commercially, but last February, Nathalie Rykiel, daughter and heir of the French designer who passed away in 2016, decided to hold a charity book sale on the last day of the lease agreement for the impressive 550-square-meter space. It was then clear that the new owner of the Sonia Rykiel brand, the American group G-III, would not be taking over the premises.
The boutique located on the corner of Boulevard Saint-Germain and Rue des Saints-Pères was therefore searching for a new occupant. And, following a transaction carried out by Cushman & Wakefield, it is Saint Laurent that will be moving into this beautiful site in the sixth arrondissement, adjacent to other luxury boutiques such as Brunello Cucinelli, Moncler, Gucci and Emporio Armani.
Saint Laurent had already two stores on the left bank, located on Rue de Grenelle and on Rue des Saint-Pères respectively. But in the former Sonia Rykiel flagship, Anthony Vaccarello's collections will find a much more noticeable setting that appears to be a counterpart to the impressive Saint Laurent Rive Droite boutique. The grand store, located at 213 Rue Saint-Honoré in the first arrondissement of the French capital and inaugurated in June 2019, was also, before the Kering-owned brand took it over, a landmark of Parisian fashion. It was indeed the address of the renowned concept store, Colette.
With this upcoming opening, Saint Laurent is gaining a new asset in Paris as international tourists from America, the Middle East and Europe return to the capital. The brand has also had a strong first half of the year. During the presentation of its 2022 first half results, the group headed by François-Henri Pinault posted a turnover of 1.48 billion euros (up 42% on a reported basis; 34% on a comparable basis) for the brand and an operating margin, which "beat a record for a first half", at 29.6%, up 3.3 points compared to the same period last year.
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