Chanel’s Bond Street Expands and YSL Profits
Chanel on Bond Street
French high fashion house Chanel has been granted permission by Westminster City Council in London to expand its Bond Street store. Chanel will convert its upstairs office space into another retail area, more than doubling the shop-floor space. Normally Westminster City Council has a strict policy to retain office space in central London. The Council awarded the application to Chanel due to the unique nature of the strip and the concrete benefits to the economy that will flow from the development. The iconic Bond Street, a fashionable shopping street since the 18th century and one of the most expensive strips of real estate in the world, has recently seen a host a host of high end retailers seeking to beat the sluggish luxury goods market by applying to convert storerooms and office spaces into retail, often against objections from English Heritage.
Heidi Slimane’s YSL Success
While critical reception for Heidi Slimane’s rebranding of French fashion house Yves Sain Laurent has been divided, the public has spoken, with retail sales buoyant across all territories. Sales of Yves Saint Laurent goods were up 27 percent in the first quarter of the year, compared to the first quarter of 2013, with sales in its own stores up 72 percent, gains which have made Yves Saint Laurent the fastest-growing brand within French conglomerate Kering. The rise in sales have been attributed to strong performance in leather goods and to visual re-branding efforts. These included changes to the logo, now in the sharp, modern Helvetica font, an evolution of its visual merchandising and an update of store design with retail spaces re-clad in cold marble and brilliant chrome.