Institutional portal - Municipality of Milan

Milan, November 21 2022 – Chanel wins the concession of a 2 square meter shop in the Galleria Vittorio Emanuele II for an annual fee of 350.000 million and 188 euros. The space, now under the Tod's banner, was the subject of an auction which took place today in the municipal headquarters in via Larga.

Six luxury brands participated in the tender, published by Palazzo Marino in July and closed in September, and which today have competed, with 31 bids of no less than 50.000 euros, for the space on three floors (ground, basement and mezzanine) with entrance, double window and overlooking the Gallery. Chanel, with its final offer, more than quadrupled the starting price of 545.000 euros.

The new store will open in the largest portion of the premises currently occupied by the Diego Della Valle brand, whose contract is expiring. For the new use concession, in fact, the State Property Office has divided the large Tod's store between the Ottagono and via Silvio Pellico into two lots. The smaller portion, the subject of a second tender with award to the most economically advantageous offer, was assigned to Damiani, who for 126 m² between the ground floor and basement, with two windows in the gallery on the corner with via Silvio Pellico, offered 365.000 euros.

"The Municipality of Milan – observes Heritage Councilor Emmanuel Conte – began to use the auction tool for valuable premises in the Galleria in 2019, the first among public bodies in Italy, thanks to the work of the offices of the State Property Directorate and my predecessor, Roberto Tasca. After the successes of the beginning and two years of the pandemic, today's increases confirm how new forms of heritage valorization can bring benefits to the entire city. The Gallery remains a unique and sought-after place, capable of expressing a value of commercial promotion that goes beyond pure profitability and which grows in proximity to the Octagon. Without renouncing to protect its historical and cultural identity and the presence of the historic workshops, the Gallery can continue to be a financial instrument for support services to citizens, especially at a time when needs are growing significantly".