L'Oréal chairman buys property in Uruguay's playground of the rich and famous
L'Oréal chairman Jean-Paul Agon recently purchased a property in one of the world's most exclusive retreats, the Uruguayan fishing village of José Ignacio.
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British luxury retailers may be struggling to keep their shops open on London's Bond Street, traditionally home to the country's finest brands, but sector giants like Switzerland's Richemont hold substantial property portfolios in the area.
Opening a Gucci shop directly opposite LVMH's Louis Vuitton boutique on the Place Vendôme wasn't enough for Kering. The group has just acquired the four buildings that make up the southeast corner where the Rue de Castiglione meets the Rue Saint-Honoré.
Covéa is completing the purchase of a nearly 10,000m2 complex in Paris's second arrondissement that it hopes to lease to the luxury sector - like other insurance and reinsurance giants before it, already renting their prestigious real estate to luxury's big names.
Already planning a new purchase, a year after acquiring fashion show organiser Bureau Betak, the two founders of communications company The Independents, Isabelle Chouvet and Olivier Chouvet, are keeping an eye on Paris's prestige property market.