Oscar De La Renta Ltd., the privately held luxury womenswear chain, plans to pay 500,000 pounds ($793,000) to gain a lease for its first London store, according to a person with knowledge of the plan.
The New York-based company, which was started in 1965 and sells $5,150 silk organza cocktail dresses, will open an outlet at 130 Mount St., adjacent to Lanvin, said the person, who declined to be identified because the agreement is private. The payment is for a 10-year lease for the 3,200 square-foot space over three floors, according to the person.
Clothing from Oscar De La Renta, whose chief executive officer Alex Bowen is the son-in-law of the founder, is currently sold at Harrods Ltd. and the A La Mode boutique in Chelsea, according to its website. The luxury store will take over from the existing Nicky Clarke hairdresser, who has been relocated to a nearby location on Carlos Place after over 20 years on Mount Street, the person said.
The exclusive Mount Street shopping street, owned by the Grosvenor Group Ltd., a property company of the family trust of Britain’s Duke of Westminster, also has the only U.K. stores for Balenciaga and luxury luggage chain Goyard.
Calls to a spokeswoman at Oscar De La Renta weren’t immediately returned.
To contact the reporter on this story: Sarah Shannon in London at firstname.lastname@example.org
To contact the editor responsible for this story: Sara Marley at email@example.com