LOS ANGELES — Giorgio Beverly Hills, the boutique that was a symbol of Hollywood glamour and glitz on Rodeo Drive, is looking for a new address after 45 years in business, said real estate executives familiar with the situation.
Omega and Coach have taken over Giorgio’s lease, along with that of its retail operator, BCBG Max Azria, as reported. The two stores are expected to be vacated in February. Omega and Coach outbid BCBG Max Azria and Giorgio Beverly Hills for the leases that came up for renewal within the last few months at 327 and 329 North Rodeo Drive, said the real estate executives, who asked not to be identified. The buildings were sold by Tokyo-based Takashimaya to a real estate investment group consisting of Robert Siegel of Metropole Realty Advisors Inc. and Melvin Heller of Heller Properties for $20 million. The buildings were sold this month.
Max Azria, president of BCBG Max Azria is seeking another space on Rodeo Drive for BCBG Max Azria, according to the real estate executives. The fate of Giorgio Beverly Hills remains unknown. Procter & Gamble, the Cincinnati-based owners of the Giorgio Beverly Hills brand name and its roster of fragrances, including Giorgio Beverly Hills, G and Red, did not immediately respond to a request for comment.
Four years ago, Giorgio Beverly Hills almost succumbed to a corporate slash by P&G, which closed the store for several weeks until BCBG Max Azria stepped in to run it. BCBG Max Azria and P&G have been in business together since 1998, when the former acquired Hervé Léger and P&G began producing the Hervé Léger fragrance.
Under Azria’s direction, Giorgio Beverly Hills — once a haven for designers Halston, Thea Porter and Patrick Kelly during the stewardship of founder and owner Fred Hayman — houses the Hervé Léger women’s line and all Giorgio Beverly Hills fragrances.
“They have done very little with the brand that I can see,” said Hayman, who sold the name and fragrance to Avon at the height of the store’s popularity in 1987 for $165 million. For a decade, Hayman kept Giorgio Beverly Hills’ original location at 273 North Rodeo Drive and renamed it Fred Hayman Beverly Hills. He retired in 1997 and leased the space to Louis Vuitton.