Wrought-iron balconies and banisters on La Samaritaine’s grand staircase.
Photographer: Laura Stevens/BloombergCheckout
Europe’s Richest Man Is Spending $1 Billion on a Department Store
Bernard Arnault is counting on rich Chinese shoppers to fill La Samaritaine, which is set to reopen next April after a 15-year renovation.
Europe’s wealthiest man is spending more than $1 billion on a Paris department store at a time when other shops are going out of business and consumers are turning to Amazon.com Inc.
La Samaritaine, part of billionaire Bernard Arnault’s LVMH luxury empire, is set to reopen next April after a 15-year renovation. On Tuesday the company gave reporters a tour of the site, showing off its restored Belle Epoque glamour, including ornate frescoes, mosaics and wrought-iron staircases.