Luxury conglomerate Kering has reportedly agreed to a “record” lease for a new Yves Saint Laurent store on Bond Street, London.
The group splashed out a staggering 13 million pounds on the retail space, which is believed to have set a record rent for the UK, according to market sources for the Sunday Times.
The property in question is a six-storey space on the corner of Grafton Street, owned by an investment firm O&H Properties, jointly held by the families of property investors Eli Shahmoon and David Gabbay.
It is understood that Kering beat out competitors LVMH and Richemont for the site, whose landlord was seeking offers of over nine million pounds a year.
The rent surpasses that of the previous 11 million pound record set by Ralph Lauren back in 2016 for another Bond Street location.
The new deal reflects the current stance of the luxury goods industry in the UK, which boasts a clientele that have remained largely unaffected by the ongoing cost-of-living crisis in the region.