Richemont Looking to Open Giant Paris Watch Store, Tribune Says

Cie. Financiere Richemont SA (CFR), the parent of Cartier jewelery and Jaeger-LeCoultre timepieces, plans to spend 70 million euros ($94 million) to open the world’s biggest luxury watch store in central Paris, La Tribune reported without naming its sources.

Richemont is prepared to pay as much as 15 million euros to facilitate the departure of Old England, an apparel and accessories shop near the Printemps and Galeries Lafayette department stores, and take over the space, the newspaper said.

The goal is to lure Chinese tourists who now spend more than 600 million euros annually in France, including at Galeries Lafayette and Printemps, according to La Tribune.

To contact the reporter on this story: Andrea Rothman in Paris at aerothman@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net

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