Richemont Group and Chanel extend Moscow stores lease by 10-15 years

Valartis AG

19/12/2019 14:46

MOSCOW, Dec 19 (Reuters) - Real estate holding Eastern
Property  EPH.S , which owns elite business centres in Moscow,
extended lease agreements with Swiss luxury goods group
Richemont Group  CFR.S  and Chanel, an official for Eastern
Property's management company said. 
    The deals extend the lease for Richemont Group until 2030
and for Chanel until 2035 at one of Moscow's top luxury shopping
streets, Petrovka.
    The lease was extended for Richemont's brands Vacheron
Constantin, Panerai, IWC Schaffhausen and Cartier located at the
Berlin House and for Chanel's store in nearby Geneva House, the
official for Valartis Group  VLRT.S  that manages Eastern
Property Holdings projects in Russia said. 
    

 (Reporting by Tatiana Voronova, Writing by Anna Rzhevkina;
Editing by Elaine Hardcastle)
 ((anna.rzhevkina@tr.com; +7 495 775 1242;))