Luxury Italian lingerie brand La Perla will join many of the world’s most prestigious brands with its own boutique on London’s Old Bond Street, according to newspaper reports.
No date was given for the boutique’s opening in a report by The Times, which suggested that La Perla will pay a £5 million premium to elbow its way onto Britain’s most exclusive shopping street.
La Perla is this year celebrating its 60th anniversary since its creation in 1954 and recently hit headlines in the UK with the signing of supermodel Cara DeLavigne as the face and body of the brand.
In 2013, it was acquired by Pacific Global Management, a global holding company headquartered in London that includes in its portfolio two global networks of the fashion and music worlds, Elite World and Gold Typhoon.
“With the synergy and support of these two powerful networks, La Perla is embarking on a new strategy of international development aimed at capturing the brand’s unique heritage and leveraging its existing positioning as a top brand to evolve into a true fashion luxury brand,” the company said as it announced the PGM acquisition last year.
La Perla becomes the second intimate apparel brand on Bond Street, joining Victoria’s Secret, which opened last year.
La Perla is reported to be moving into a 1000 square foot unit at 9 Old Bond Street, which is currently occupied by shoe brand Gina.
Massive premiums are required to secure a berth on the historic street, which bestows instant credibility in the fickle world of luxury brands. Paul Souber, head of Central London retail at top end real estate broker Colliers International, told The Times that these premiums are like ‘key money’ just to get a company’s name on a lease in Bond Street. “Retailers will pay millions more because they are simply desperate to secure a store on the street,” he added.
Rents on Bond Street are currently around £1300 per square foot, pricing La Perla’s rent at around £1.3 million, but estate agents estimate these rents could rise to £2000 per square foot before long.