GREEN LIGHT: On Tuesday LVMH Moët Hennessy Louis Vuitton received a construction permit from the City of Paris to start its renovation of La Samaritaine. The luxury giant had made the request in July 2011.
The new multiuse complex — spearheaded by Jean-Jacques Guiony, who is also chief financial officer of LVMH — will include a luxurious Cheval Blanc hotel, restaurants, shops, offices and affordable-housing units.
LVMH is to invest 450 million euros, or $595.4 million at current exchange, in the Samaritaine site, which should open at the end of 2015.
The Samaritaine department store, a stone’s throw from the Louvre museum, was founded in 1870. LVMH acquired a majority stake in it in 2000.