The Guardianreports that Hermes has paid about $120 million to buy Asprey's Bond Street store in London. Hermes reportedly beat Chanel to the coveted location.
The 172-year-old high fashion house refused to comment on the purchase, which will produce a yield of around 3%, the most aggressive price paid for a Bond Street shop for at least 18 months. It was tight-lipped on any further plans.
But insiders say the family-controlled company feted by Nicole Kidman and Elizabeth Hurley is viewing the deal as a way to expand its successful business, which is defying the retail downturn. Its latest six-month sales figures revealed turnover up 7.6% to euro 874.9m (£788m) in what is a difficult market for luxury brands. Its own shops have seen sales surge by 19%.
The Guardian says there are also rumors Hermes could acquire the Asprey brand, which has been struggling. Vogue also comments on rumors Hermes may purchase Asprey. Hermes isn't talking to reporters about the rumors.
