FRED CLOSING STORES: Luxury jeweler Fred Paris, a division of LVMH Moët Hennessy Louis Vuitton, said it will close its two stores in California, located on Rodeo Drive in Beverly Hills and South Coast Plaza in Costa Mesa, by the end of this month. In addition, the U.S. marketing, advertising and public relations will now be handled by the France office.
Founded in 1935, the jewelry and watch company, known for its bold rings and gold and diamond creations, was snapped up by LVMH in 1995. Since the acquisition, Fred has been run by Dominique Watine-Arnault, the sister of LVMH chairman Bernard Arnault.
Fred has seven other retail locations, in Tokyo, London, Monaco, Las Vegas and Cannes and two units in Paris.