Azzedine Alaïa to open on New Bond Street
One of the most influential and luxe designer labels operating out of Paris, Azzedine Alaïa, is set to open its first London standalone store with a move into New Bond Street.
And it looks like the new flagship could carry all or most of the Alaïa line-up as it is a large space, spread over three floors.
The Richemont-owned label is one of the few luxury labels to have kept its standalone store expansion limited in recent years with a shop-in-shop model preferred. This has seen it stocked in the highest profile fashion retailers globally including Barneys, Bergdorf Goodman, Saks, Tsum, Lane Crawford, Joyce and 10 Corso Como.
It has only two other flagships, both in Paris, so the opening in London, which has not been confirmed, is a big deal and underscores the appeal of the city as a key global luxury destination. Figures from specialist footfall fracker Springboard last month showed the West End of London seeing visitor traffic almost double that of the UK average. And tax-free shopping specialist Global Blue said an influx of high-spending tourists from the Middle East, China, US and Russia have led to a shopping boom and are helping stores to offset high rents and rising property taxes.
The major move for Alaïa will see it significantly raising its profile in the UK market. Currently in Britain the brand is available online through high-end retailers such as Browns and Net-a-Porter and it also has concessions in luxury stores including Harrods and Harvey Nichols. But the new opening could be a blow for long-time stockist Selfridges, around the corner on Oxford Street, for the Browns’ physical flagship, which is even closer to Bond Street on South Molton Street, and for Dover Street Market, which is also in London’s West End.
Specialist publication Property Week reported that the landlord is Trophaeum Asset Management, which owns large parts of the Mayfair area and is currently attracting a large number of luxury fashion names to Albermarle Street.
It bought the property in 2015 for a price rumoured to be over £70m, when it changed hands for the first time in 50years as the previous occupant, jeweller and antiques dealer SJ Phillips planned a move to new premises. The jeweller was no stranger to luxury and previously sold the personal effects of Catherine the Great.
At the time of the purchase, Trophaeum said “the opportunity to get vacant possession of an entire building in such a prime pitch only happens once in a blue moon."
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