Tiffany & Co. to open in Galleria Corso Vittorio Emanuele II

The rents of the luxury streets in Italy are among the most expensive in the world, surpassed only by those on New York's Fifth Avenue, but Milan is unbeatable. Tiffany & Co., the American jewelry store owned by the French group LVMH, is preparing to replace Swarovski in one of the boutiques in Galleria Corso Vittorio Emanuele II. The rent, at 3.6 million euros per year, would be over seven times the base price set by the Municipality of Milan for the tender, also contested by other major brands such as Valentino, Prada, Jil Sander, Montblanc, Swatch, Samsonite, Tory Burch, Damiani, and again Swarovski, whose contract had expired on January 24th. On Monday afternoon, Tiffany shared the news of its new arrival on the luxury octagon in a location of 174 square meters, while the amount of the rent was later communicated by the Municipality. After the openings of the flagship store in Via Montenapoleone (the most expensive space in Europe for luxury maison rentals) and this new adventure in Galleria Corso Vittorio Emanuele II, the brand is preparing for an even more strategic positioning in the heart of the Italian fashion capital.

The tender for the rental in Galleria Corso Vittorio Emanuele II won by Tiffany & Co. recorded a record competition in the history of the Municipality of Milan, which declared to have witnessed twenty-seven bids from the largest number of participants ever. With the stunning offer from the luxury jewelry brand, the concession fee for a boutique in Galleria now exceeds 20,000 euros per square meter. Since 2019, Palazzo Marino has been responsible for launching tenders for the rental of spaces facing the octagon and the first showcases of adjacent streets through the mechanism of auction, a practice that allows maison to occupy strategic and prestigious areas for short periods in order to alternate. Before Tiffany, other winners of Palazzo Marino's auction mechanism bids were Giorgio Armani, Fendi, Dior, Loro Piana, and Santoni.