One of the most well-known fashion houses in France, Balenciaga, has reached an agreement with footwear retailer Russell & Bromley to take over its lease on a store on New Bond Street, London.
It has been said that Balenciaga paid around £5 million to take over the lease.
Balenciaga follows luxury rivals Versace and Brunello Cucinelli, who are planning to open shops on the same stretch of New Bond Street in West London.
During a period of great uncertainty for luxury retailers thanks to coronavirus, the plan shows that Balenciaga is expecting luxury retail spending to return to normal once lockdown is lifted.
Luxury stores are already drawing up plans on how to reopen safely without interfering with the shopping experience or making it “clinical or impersonal.”
For more fashion news, take a look at the new Air Jordan x Dior Collab as previously reported by GRM News.