London
CNN
—
French luxurious conglomerate LVMH has added a tiny Parisian bistro to its sprawling empire of designer vogue manufacturers, jewellery makers and accommodations.
The corporate, owned by Europe’s richest man Bernard Arnault, stated Thursday that it had purchased a majority stake in Chez L’ami Louis, a 100-year-old restaurant in central Paris, described by LVMH as an “genuine Parisian gem.”
“LVMH will work to protect the distinctive character and household id of the restaurant and proceed to assist its French savoir-faire and experience,” it stated in a press launch. It didn’t disclose the scale of its stake nor the worth of the deal.
The traditional bistro — famed for its roast rooster, mounds of skinny, crispy fries, and plates of scorching snails — has hosted Invoice Clinton and Martin Scorsese, in addition to David and Victoria Beckham, in response to a supply aware of the deal. The supply requested anonymity as a result of they weren’t licensed to talk publicly concerning the matter.
If that wasn’t endorsement sufficient, the restaurant has additionally earned Gwyneth Paltrow’s seal of approval. Her life-style firm Goop describes Chez L’ami Louis on its web site as “top-of-the-line, most venerable bistros in Paris.”
“It’s small and wood-paneled, with an historical oven and a sick wine record,” Goop gushed.
LVMH stated in its press launch that the bistro sources its produce from small breeders and market gardeners “who’ve been loyal to the restaurant for a number of generations.”
CNN couldn’t attain Chez L’ami Louis for remark Friday.
Arnault has additionally dined on the Parisian restaurant, the supply near the deal advised CNN, including that the billionaire is enthusiastic about preserving elements of town’s cultural “id and expression.”
LVMH and Arnault pledged €200 million ($226 million) in 2019 to assist rebuild Notre Dame after fireplace devastated the 850-year-old church. The households behind L’Oreal (LRLCF) and Kering additionally made large donations.
There’s a threat, the supply added, that when the historic house owners of culturally vital venues comparable to Chez L’ami Louis transfer on, new buyers swoop in and remodel them “into one thing that may be very removed from (the unique) id.”
Arnault, the world’s third-richest man after Jeff Bezos and Elon Musk, is value an estimated $199 billion, in response to the Bloomberg Billionaires Index.
Lately, LVMH, which owns Dior and Louis Vuitton amongst different designer manufacturers, has beefed up its portfolio of hospitality venues. In 2019, the corporate acquired Belmond, which owns accommodations and organizes luxurious rail and river cruises, in a $3.2 billion deal.
Earlier this month, LVMH announced “a strategic funding” within the Orient Categorical, a model providing luxurious prepare journey owned by French hospitality agency Accor.