Chanel Spent $133 Million on Paris Building Near Flagship Store

Chanel Ltd. splurged on a property near its main boutique in Paris last year as luxury brands seek to secure prime locations for their stores.

The building, located at 23 rue Cambon — close to Chanel’s flagship boutique at No. 31 — was purchased for €118 million ($133 million) in September, according to a property database.

The acquisition “was part of the record level of investment made during the year, including in real estate,” a Chanel representative said.

The luxury label…