The new flagship store for fine jewelry and watches comes as New York's retail space prices have kept rising over the past year. The move seemingly positions Chanel in a sector of the fashion industry that other brands, like Prada and LVMH, are also embracing.
The location on Fifth Avenue sandwiched among Cartier, Tiffany & Co., Bulgari, and Harry Winston was a yearslong waiting game, according to Frederic Grangie, the president of Chanel's watches and fine jewelry. It's a big step for the house, Mr. Grangie said.
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