Louis Vuitton boss and Irish developer agree Bond St deal

When rumours reached Bernard Arnault, the chief executive of luxury goods group LVMH, that an Irish state-run agency could seize control of developer David Daly’s three shops on London’s Bond St, he quicklyapproached him about a deal.

Daly and adviser Savills soonset a 10-day deadline for talks, knowing that Arnault, France’s richest man, was anxious to avoid an auction via Nama that could result in a sale to rivals such as Chanel.

“LVMH was determined not to let what happened with the DKNY store happen again,” a source said. The freehold on DKNY’s shop at 27, Old Bond St was sold to Chanel in 2010. This derailed LVMH’s plans to replace its DKNY branded outlet with a Dior shop and left Arnault furious, the source said.