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Expansion into all things branded luxury could be a good move, but understanding hospitality is different than understanding retail.
Bulgari, Versace and Giorgio Armani have all expanded into the luxury hotel business – now jewellery and watch house Chopard is checking in too. The Swiss brand has purchased Union Hôtelière Parisienne – the parent company of the five-star Hôtel de Vendôme on the esteemed Place Vendôme in Paris .
Chopard’s flagship Paris boutique has been housed in the ground floor of the 18th-century building for over 10 years. The prestigious jeweller will now also take over the hotel’s 29 rooms and restaurant in a move that the company says will “kick off a diversification project for the group”.
The hotel occupies a prime position for jewellery enthusiasts, with Boucheron, Van Cleef & Arpels, Dior, Chanel and Bulgari all located in the surrounding streets of the city’s 1ere arrondissement. “This transaction ensures a key location for Chopard’s own boutique network,” a representative stated.
The hotel, which has sister properties on the French Riviera, in Megève in the French Alps and in Buenos Aires, carries 10 suites including a penthouse, along with its own restaurant and bar.
“The restaurant, on the first floor, enjoys a very good reputation, and possibilities of synergies between the two worlds are numerous,” said the family-owned company, adding “the firm looks forward to further developing this gem of Parisian hotels”.
The company has not disclosed the hotel’s purchase price, but has revealed that this is the first of several planned investments for the group.