Galleria Vittorio Emanuele II in Milan, Italy.

MILAN After Saint Laurent’s 1-million-euro record bid for the rental of a 883-square-foot store in the city’s Galleria Vittorio Emanuele II, another company could land in the iconic shopping arcade.

According to Italian media reports on Thursday, Moncler was the only company bidding for the rental of the 8,051-square-foot space located almost at the corner with Piazza Scala and formerly housing Urban Center, a multimedia venue promoting activities and information about Milan.

Although details of the outerwear specialist’s offer have not been disclosed, the auction started at 1.2 million euros for the annual rent of the venue.

Being the only bidder, Moncler has apparently provisionally won the auction and the 18-year lease of the space, but the assignment won’t be official until next month, after the municipality has gone through the details of the offer and the company’s data.

If it does win the space, Moncler will be the latest luxury addition to the 19th-century shopping arcade, joining Prada, Louis Vuitton, Giorgio Armani, Versace, Gucci and Chanel.

In the meanwhile, the Urban Center will be relocated in a wider and more innovative format inside the Milanese Triennale design museum.

Reached on Thursday, Moncler declined to comment.