Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

LVMH looking to turn historic Paris grounds into theme park

Published 29/08/2017, 14:15
© Reuters.  LVMH looking to turn historic Paris grounds into theme park
LVMH
-
CDAF
-

By Pascale Denis

PARIS (Reuters) - Luxury goods giant LVMH (PA:LVMH) is to lead a 60 million euros ($72 million) plan to turn the capital's 157 year-old Jardin d'Acclimatation into one of France's top three amusement parks.

LVMH, which has managed the park since 1984, holds an 80 percent stake in a partnership with Compagnie des Alpes (PA:CDAF), a theme parks and ski resorts developer.

Paris officials last year renewed LVMH's concession for the 18-hectare Jardin d'Acclimatation in the west of the city, opening the way for a renovation of the garden and its attractions. The concession contract runs for 25 years.

Work will begin on Sept. 4 and last until May 1, 2018 to build 17 new attractions, some of which will be themed around 'steampunk', a science fiction subgenre that takes its inspiration from 19th-century industrial steam-powered machines.

Compagnie des Alpes and LVMH, controlled by billionaire Bernard Arnault, want to raise annual visitor numbers to some 3 million by 2025 from 2 million at present, which would place it behind Disneyland Paris but ahead of Parc Asterix.

"Our goal is for Jardin d'Acclimatation to rank second or third among theme parks in France," Delphine Pons, head of development at Compagnie des Alpes, told a news conference.

In March, Arnault had also unveiled plans to renovate a disused public building near his Louis Vuitton Foundation which sits next to the Jardin d'Acclimatation in the Bois de Boulogne, near Paris' chic 16th district. [nL5N1GL4YR]

The Musee National des Arts et Traditions Populaires was built in 1972 but has been vacant since 2005, and Arnault aims to turn it into an arts and crafts center in a 158 million euros revamp by renowned architect Frank Gehry.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.