PARIS — Chopard is branching out.
The Geneva-based jewelry and watch brand has bought Union Hôtelière Parisienne, the parent company of the Hôtel de Vendôme in Paris, for an undisclosed sum.
“This transaction ensures a key location for Chopard’s own boutique network and also kicks off a diversification project for the group,” the company stated.
Located at number 1, Place Vendôme, the five-star Hôtel de Vendôme dates back to 1723. It features 29 rooms, including 10 suites, a stone’s throw from prestigious jewelers including Chopard, which has its flagship boutique on the ground floor of the building, Boucheron, Van Cleef & Arpels, Dior, Chanel and Bulgari.
“The restaurant, on the first floor, enjoys a very good reputation, and possibilities of synergies between the two worlds are numerous,” said the family-owned company, adding that future investments are planned.
A growing list of fashion and luxury players has entered the hotel business in recent years under various business models, including Versace, Giorgio Armani, Missoni, Moschino and Bulgari.
LVMH Moët Hennessy Louis Vuitton expanded its Cheval Blanc hotel empire with the acquisition of the Hotel Saint-Barth Isle de France in the French West Indies last year. It also owns a Cheval Blanc hotel in Courchevel, while others are under development in the Maldives, Oman and Paris.