Gallery. Record auction for the stores used by Versace and Armani
The premises assigned to Dior and Fendi were auctioned for 5 and 2,4 million euros respectively
Milan, February 17 2020 – Record auction in Galleria Vittorio Emanuele II. The two stores currently in use by Versace and Armani, which are located in the Octagon, were provisionally assigned by auction to Dior for 5.050.000 euros and to Fendi for 2.450.000 euros respectively, starting from bases around 900 thousand euros.
Significant increases which confirm the validity of the auction mechanism, inserted by the Administration for the assignment of certain types of valuable premises. This is the first experiment of its kind among Italian public bodies, possible - in addition to the work of the offices - due to the international attractiveness of the Galleria Vittorio Emanuele II. A model that testifies to the Municipality's effort in the public services sector, aimed at creating the conditions for having multiple revenues to invest in the city.
Starting from an auction starting point of 950 thousand euros of annual rent and only after 38 auction raises between six competing brands, the shop currently used by Versace was awarded to Dior. For 253 square meters and three windows on the Octagon, the French high fashion brand will pay 5.050.000 euros per year in rent, which represents the highest amount ever paid to have a view in the Galleria Vittorio Emanuele II.
The Armani store was instead assigned to Fendi, competing with five other major brands, which won the auction after 28 bids offering 2.450.000 euros in annual rent. The starting price for the two shop windows was set at 872 thousand euros for 336 square metres.
The Galleria's goal of 40 million rentals now becomes achievable.
Subjects:
Updated: 17/02/2020