Dolce & Gabbana coming to town
DOLCE & GABBANA has become the latest international luxury brand to hit Australian shores, with the Italian fashion house set to open its flagship outlet at the Paris end of Collins Street.
The label, which has been fronted by the likes of Scarlett Johansson and Monica Bellucci, is expected to open its doors by the middle of the year in a new high-end retail and food precinct at 171 Collins Street.
D&G will occupy the front of the heritage-listed Mayfair Building, taking about 320 square metres on the ground and first floor.
Owners Charter Hall and CBus Property are close to completing a $280 million redevelopment of the property, which includes a new 17-floor office tower - the future headquarters of BHP Billiton - that is connected to the Mayfair through a retail arcade.
The four remaining available retail spaces, ranging from 232 sq m to 424 sq m, are expected to be leased to restaurants.
Listing agency Fitzroys is believed to have negotiated the deal with D&G but the firm declined to comment.
The so-called "Paris end" of Collins Street is already home to more than 20 luxury brands including Chanel, Prada, Hermes, Bally, Cartier and Gucci. Retailers pay about $4000 per sq m net to secure a spot on the prestigious strip.
Max Cookes, associate director of retail services for agency CBRE, said the arrival of luxury brands made the precinct attractive to other retailers. "The neighbouring tenants is one of the most crucial factors for these brands when identifying a suitable site," he said.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free