Bernard Arnault Plans for £300 Million Bond Street Acquisition

Luxury goods conglomerate LVMH is believed to be planning for a £300 million investment on three stores in one of the most expensive shopping areas in London.

CEO Bernard Arnault is reportedly in talks to open Louis Vuitton's flagship stores at 17-20 New Bond St.

The famous Bond Street houses a number of high-end stores, including Mulberry and Chanel, and is regarded as one of the most expensive retail streets in the country.

Ireland's National Asset Management Agency is involved in the selling of the New Bond Street stores. Throughout 2011, the agency has been in dispute with Irish developer David Daly, the former owner of the stores.

Reuters reported that the Irish state-run bad bank seized control of the shops in June after Daly failed to meet a debt repayment deadline.

Apart from this, in September, Daly and his family failed to get a High Court injunction preventing the appointment by AIB and NAMA of receivers to properties in Ireland and Britain. They were also unable to acquire declarations that the agency and the bank were not entitled to seek repayment of €457 million.