NEW YORK — De Beers LV revealed Friday that it plans to open its second U.S. store late next year in the former Fred location on Rodeo Drive in Los Angeles.

This story first appeared in the November 3, 2003 issue of WWD. Subscribe Today.

De Beers LV, which is the joint jewelry retail venture between De Beers and LVMH Moët Hennessy Louis Vuitton, took over the lease from Fred, which is also owned by LVMH, a company spokeswoman said.

Poster-size photos of Iman, the De Beers LV spokeswoman, were slated to go up at the store this past weekend and will stay at the site until the boutique opens.

Alain Lorenzo, chief executive officer of De Beers LV, said, “Our presence should increase public interest in diamond jewelry for all the jewelers on Rodeo Drive.”

Among the jewelers in the vicinity are Harry Winston, Cartier and Chanel.

The first U.S. De Beers store is slated to open on Fifth Avenue and 55th Street here in October 2004. A London store opened last November and three in-store boutiques opened in Japan in September.

De Beers said recently that it has so far spent about $55 million on the joint venture. The two companies have said they plan to spend about $200 million combined on the project.

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