AUSTRALIA. Sydney Airport today announced an agreement with powerhouse French luxury brand Louis Vuitton to anchor a reinvigorated luxury retail precinct in the T1 International terminal.
The company said that the agreement reflects the airport’s position as Australia’s international gateway. The presence of Louis Vuitton will see the airport emerge as a key player in the global travel retail market, and a luxury retail destination in its own right, it commented.
Targeted to open from 2022, Louis Vuitton’s T1 store will be the brand’s first travel retail store in the Southern Hemisphere and the largest stand-alone luxury store in Sydney Airport’s T1 International terminal.
Sydney Airport CEO Geoff Culbert said: “We are excited to welcome Louis Vuitton to Sydney Airport – a truly iconic brand that will anchor our luxury retail precinct for many years to come.
“Alongside Louis Vuitton, we will welcome a further 11 luxury brands for the first time in 2022, all on long-term deals. The commitment of these brands demonstrates faith in the future of international travel and confidence that Sydney Airport will remain at the heart of Australia’s international aviation network.”
The arrival of Louis Vuitton will be the catalyst for the reinvigoration of Sydney Airport’s luxury retail precinct, the company said. Other brands to be introduced next year for the first time at the airport include Saint Laurent, Dior, Moncler, Loewe, Celine, Bottega Veneta, Prada, Balenciaga and Gentle Monster. Two more are in final negotiations. Each of these brands have agreed six-year leases to 2027.
Existing luxury tenants are also using the temporary pause in international travel to renew their positioning. Gucci is set to double its gross floor space to approximately 300sq m and Tiffany&Co is relocating and building an all-new, custom designed store.
Sydney Airport Chief Commercial Officer, Vanessa Orth, said: “Before the pandemic we saw that travel retail trends were evolving. Impulse buying was on the way out and travellers were doing much more research and pre-planning their purchases.
“With that in mind we’ve been deliberately seeking to attract iconic retail partners like Louis Vuitton who will drive preference and make the airport a luxury retail destination in its own right.
“When the doors to our Louis Vuitton store open in 2022, travellers from Sydney Airport will be able to experience the most extensive collection of luxury and boutique travel retail anywhere in the Southern hemisphere. We’re looking forward to welcoming international passengers back to Sydney Airport and bringing the fun and glamour back to travel.”
Read the full article at The Moodie Davitt Report