NAMA in trophy store talks

FRANCE’S richest man and LVMH’s chief executive, Bernard Arnault, is in talks to buy three trophy stores on London’s most expensive shopping street for £300 million (€349.5m), from the National Asset Management Agency (NAMA), a source said.

The shops include French luxury goods company LVMH’s Louis Vuitton flagship store at 17-20 New Bond Street, plus two stores let to American leather goods retailer Coach, and luxury stationer Smythson, the source familiar with the matter told Reuters.

The stores on New Bond Street are being sold by NAMA. The state-run “bad bank” seized control of the shops in June after former owner, developer David Daly, failed to meet a debt repayment deadline. NAMA and Savills, which advised Daly, declined to comment. LVMH was not immediately available for comment.