fashion

Milan Surpasses New York in Global Luxury Retail: Via Montenapoleone vs Fifth Avenue

By Columbus International,20 November 2024

In a historic shift that has reshaped the global luxury retail landscape, Milan’s Via Montenapoleone has achieved what was once considered improbable: dethroning New York’s Fifth Avenue as the world’s most expensive shopping street. This milestone, documented in Cushman & Wakefield’s 34th edition of “Main Streets Across the World” report, marks the first time a European location has claimed the top position in the global rankings.

The transformation of Via Montenapoleone reflects Milan’s broader evolution into a global luxury powerhouse. With annual rents reaching €20,000 per square meter, representing an impressive 11% year-over-year growth and a remarkable 30% increase over two years, the street has become the crown jewel of global luxury retail. In contrast, Fifth Avenue’s rental rates have remained stable at €19,537 per square meter over the past two years, suggesting a mature market that has reached a plateau.

What makes Via Montenapoleone’s ascendancy particularly fascinating is the unique character of Milan’s luxury district. Unlike the sprawling retail landscapes of other global cities, Milan’s luxury quarter is remarkably concentrated. The street’s premium positioning is enhanced by its strategic location within the Quadrilatero, particularly the coveted area between Via Verri and Via Sant’Andrea. This concentration has created an unprecedented density of luxury brands, fostering an atmosphere of exclusivity and sophistication that has become increasingly attractive to global retailers.

New York’s Fifth Avenue, while surrendering its top position, remains an iconic symbol of luxury retail. Its broader geographic spread and diverse retail mix have long been part of its appeal, offering brands exposure to a wide range of affluent consumers and tourists. The stability of its rental rates speaks to the street’s enduring appeal and established position in the global luxury market.

The contrasting characteristics of these two luxury destinations reflect broader trends in global retail. Milan’s rise exemplifies the growing importance of concentrated, highly curated luxury experiences. The city has successfully leveraged its heritage in fashion and design to create a compelling proposition for luxury brands. Thomas Casolo, Head of Retail Italy at Cushman & Wakefield, notes that “Milan has become a global brand synonymous with luxury,” highlighting how the city’s focused approach has paid dividends.

This shift in the luxury retail hierarchy presents both opportunities and challenges. For Milan, the key challenge, as noted by Joachim Sandberg, CEO of Cushman & Wakefield Italia, lies in transforming this achievement into tangible value for the broader community. The city must balance its luxury appeal with sustainable development that benefits all stakeholders.

Fifth Avenue’s response to this changed landscape will be equally telling. New York’s resilience and ability to reinvent itself have been proven throughout history, and this new challenge may spark innovative approaches to luxury retail in one of the world’s most famous shopping destinations.

The competition between these two iconic streets reflects more than just commercial real estate values; it represents a shifting global luxury landscape where European sophistication and concentrated excellence have, for the moment, edged out American scale and diversity. As both locations continue to evolve, their approaches to maintaining and enhancing their luxury appeal will offer valuable insights into the future of high-end retail.

Supermodel Elle Macpherson Sells Coral Gables Estate for $18.5 Million

By Columbus International,3 October 2024

In a notable real estate transaction, Australian supermodel and entrepreneur Elle Macpherson has sold her luxurious Coral Gables mansion for $18.5 million, marking a significant return on her initial investment. The sale, while impressive, falls short of her original ambitious asking price of $29 million when the property was first listed two years ago.

Elle Macpherson vende la sua villa a Coral Gables | Foto: Douglas Elliman Realty

The Property

The estate, located at 9550 Journeys End Road, boasts an impressive 8,935 square feet of living space. The property features:

Six bedrooms
Six and a half bathrooms
A spacious 1.7-acre lot
A pool
Home office
Gym
Chef’s kitchen
Lavish primary suite

While not directly on the waterfront, the property includes a coveted boat slip at the exclusive Journey’s End Marina, adding significant value for nautical enthusiasts.

The Transaction

The buyer, identified in property records as Bumda Trust, is a discreet entity managed by an attorney, reflecting the high-profile nature of the sale.

Investment Success

Macpherson originally purchased the property in 2018 for $8.1 million, following her divorce from developer Jeffrey Soffer. The recent sale at $18.5 million represents a remarkable 128% increase in value over just five years, showcasing Macpherson’s savvy in real estate investment.

Market Insights

The sale price, while substantial, indicates a cooling in the ultra-luxury real estate market from its peak. The final figure of $18.5 million is significantly lower than the initial $29 million asking price, and even below the most recent list price of $22 million.

This transaction underscores the ongoing appeal of Coral Gables real estate to high-net-worth individuals and investors, even as the market adjusts to changing economic conditions.

Source: WSJ | Cover photo: Instagram

Tom Ford’s $250 Million Real Estate Empire: From Fashion Mogul to Property Tycoon

By Columbus International,25 July 2024

Fashion designer turned real estate mogul Tom Ford has been quietly amassing a property portfolio worth over $250 million, according to The Wall Street Journal. Following the $2.8 billion sale of his eponymous fashion brand to Estée Lauder in early 2023, Ford has been on a real estate buying spree, adding at least three trophy homes to his already impressive collection.

“Ford presides over a real-estate empire that includes homes in New York, Los Angeles, Palm Beach, Fla., and the Hamptons,” reports The Wall Street Journal. The publication also reveals that Ford recently acquired an Aspen, Colorado mansion for $42.25 million in a previously undisclosed deal.

The designer’s penchant for architecturally significant properties is evident in his portfolio. The Wall Street Journal notes that Ford has “bought and sold numerous architecturally significant homes, including properties in London and Paris, a Tadao Ando-designed ranch near Santa Fe, N.M., and a midcentury home in L.A. designed by Richard Neutra.”

Ford’s real estate acumen may be attributed to his background. As The Wall Street Journal reports, “Growing up in Santa Fe, his parents were both real-estate agents and he later studied interior architecture at Parsons School of Design in New York.”

Howard Morrel of Christie’s International Real Estate, who sold Ford the iconic Halston house in Manhattan, describes the designer’s portfolio as “subtle and sophisticated,” mixing historic homes with more modern architectural properties. “It’s not ostentatious, but it’s high drama,” Morrel told The Wall Street Journal.

From fashion to film directing and now real estate, Tom Ford continues to demonstrate his keen eye for style and value across multiple industries. As his property empire grows, it’s clear that Ford’s business acumen extends far beyond the runway.

Photo via Instagram

Italian Luxury Retailer Luisaviaroma Makes Bold U.S. Debut in Manhattan’s NoHo

By Columbus International,24 July 2024

In a strategic move that underscores the resilience of high-end retail and the enduring allure of New York City, Italian luxury fashion powerhouse Luisaviaroma has unveiled its first international brick-and-mortar location in Manhattan’s trendy NoHo district.

The 11,300-square-foot flagship store, which opened its doors on Monday at 1 Bond Street, marks a significant milestone for the 95-year-old company as it expands its global footprint beyond its iconic Florence headquarters. This calculated expansion comes at a time when Manhattan’s retail landscape is showing strong signs of post-pandemic recovery, buoyed by an influx of tourists and the gradual return of office workers.

Brandon Singer, CEO and founder of Retail by MONA, the brokerage firm behind the deal, spoke to CoStar about the strategic importance of the location. “Luisaviaroma recognized the incredible momentum on Bond Street,” Singer explained. “NoHo has rapidly evolved into one of Manhattan’s most coveted and stylish neighborhoods, making it the perfect backdrop for this luxury brand’s U.S. debut.”

The prime real estate doesn’t come cheap, with an annual asking rent of $3.2 million, reflecting the premium placed on high-visibility locations in Manhattan’s luxury retail corridors. However, for Luisaviaroma, the investment appears well-calculated. CEO Tommaso Andorlini previously revealed to Women’s Wear Daily that the United States accounts for a quarter of the company’s online sales, with New York City leading as its largest market.

This brick-and-mortar expansion strategy aligns with a broader trend of digital-first retailers recognizing the value of physical stores in building brand awareness and providing immersive shopping experiences. For Luisaviaroma, which has built its reputation on curating cutting-edge fashion from top designers, the New York store offers an opportunity to showcase its unique aesthetic and connect with its American customer base in a tangible way.

As Manhattan’s retail sector continues its upward trajectory, Luisaviaroma’s arrival is likely to be closely watched by industry insiders and competitors alike. It not only represents a vote of confidence in the city’s economic rebound but also signals the ongoing importance of New York as a global fashion capital.

With this bold move, Luisaviaroma is poised to capitalize on the resurgence of luxury retail and cement its position as a key player in the international fashion landscape. As the company writes its next chapter on American soil, the success of this venture could pave the way for further expansion and inspire other international brands to follow suit.

Valentino’s latest boutique has just landed at 654 Madison Avenue (Source: V Magazine)

By Columbus International,10 November 20239 November 2024

Valentino‘s latest boutique has just landed at 654 Madison Avenue. After introducing their innovative global retail concept in 2022, which revolves around creating distinctive spaces based on a reinterpretation of the building’s structure through various sales experiences and approaches to interior architecture, the new flagship store in Manhattan is now a pivotal destination for Valentino enthusiasts. Boasting a selling space of 1142 sqm, the new establishment is situated on the corner of Madison Avenue and 60th Street. The building spans three floors, including a basement, a ground floor, a mezzanine, and a second floor. Adorned with iconic columns and tall windows, the space is meticulously designed to provide a glimpse into the materials and architectural silhouettes that define the essence of the boutique’s interiors.

Each floor narrates a unique visual story through chromatic compositions and thoughtfully curated materials palettes, incorporating the maison’s signature red tone. Upon entering, customers are welcomed by grand double doors featuring sculptural marble handles, inspired by the work of artisans whose creations are showcased in Valentino stores worldwide. These handles, crafted in ceramic by the artist Massimiliano Pipolo, are also incorporated within the store. Visitors can explore the grand features of the building, including seven-meter-high ceilings, exposed steel columns (spanning all floors), and a rough concrete finish around the perimeter, highlighted by illuminated shelving dedicated to Valentino Garavani Accessories.

The space is intelligently divided into functional zones through bespoke elements, such as a commanding green onyx display unit at the center, and diverse materials like marble carpets and concrete on the floors that delineate specific areas and functions. Towards the rear of the store, various interpretations of the iconic Rosso Valentino are displayed, along with a dedicated area for footwear featuring floors and seating in contrasting travertine red against the luminous onyx and concrete shelving. On the second floor, the Valentino Women Ready-to-Wear collection is showcased in oversized red lacquered wardrobe structures and matching seating, complemented by chequered floors in white Botticino and black Nero Marquina marbles. La nuova boutique di Valentino è appena sbarcata al 654 di Madison Avenue

Source: V Magazine