LVMH shuttering Franck et Fils

New York - LVMH Louis Vuitton Moet Hennessy, will be shutting down French department store Franck et Fils. The French department store, located in the posh 16th arrondissement, will be replaced by a branch of La Grand Epicure, the luxury food temple of Le Bon Marche, also owned by LMVH. Le Bon Marche has informed the 72 employees of their plan to transform Franck et Fils into La Grande Epicerie de Paris.

Franck et Fils is expected to cease trading next year in July 2016. Le Bon Marche has no plans of laying off Franck et Fils employees, and is hoping to find an employment solution for all of their employees. The new endeavor is actually expected to add 180 new jobs to France's economy.

A major contributing factor behind the change of Franck et Fils to Le Bon Marche is the highly competitive location on Rue de Passy, a street known for many boutiques and elite clientele. Franck et Fils has been a part of LVMH since 1994. In 2008, the banner was expanded to include men's wear.