LVMH sells mall stake
Print Edition
LVMH group has sold its stake in luxury shopping mall L’Avenue Shanghai to Macau casino tycoon Stanley Ho’s fourth wife Angela Leong, disputing earlier rumors that LVMH and Ho sold to private equity investor Blackstone.
William Wang, head of L’Avenue International Holdings’ China operations, didn’t disclose the amount involved in the sale. He said L’Avenue International Holdings, expected to be in charge of the operation, is likely to set up a company in Hong Kong to run all the properties owned by Leong who becomes the only owner of the iconic building in the west side of Shanghai.
All the brands of LVMH group and Richemont SA now available at L’Avenue Shanghai will continue their business as usual, Wang said.
“Our future business at L’Avenue Shanghai will mainly attract the upper-middle and high income groups,” said Wang.
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