Michelle ThompsonFrench luxury conglomerate LVMH has expanded its extensive portfolio of designer fashion brands, jewelry houses, and hotels with the acquisition of a small Parisian bistro.
Owned by Europe’s richest man, Bernard Arnault, LVMH announced on Thursday that it had purchased a majority stake in Chez L’ami Louis, a century-old restaurant located in central Paris, lauded by LVMH as an “authentic Parisian jewel.”
In a press release, LVMH stated its commitment to preserving the bistro’s unique ambiance and familial character, while continuing to uphold its French culinary savoir-faire and expertise. The company did not disclose the exact size of its stake or the financial terms of the acquisition.
Chez L’ami Louis is renowned for its classic bistro fare, including roast chicken, generous servings of crispy fries, and sizzling escargot. Over the years, it has welcomed notable figures such as Bill Clinton, Martin Scorsese, and David and Victoria Beckham, according to a source familiar with the deal, who spoke on condition of anonymity due to the sensitivity of the matter.
A signature dish from Chez l’Ami Louis restaurant in Paris.
If that weren’t endorsement enough, Chez L’ami Louis has also received praise from Gwyneth Paltrow. Her lifestyle company Goop hails the restaurant as “one of the best, most venerable bistros in Paris” on its website.
Describing it as “small and wood-paneled, with an ancient oven and a fantastic wine list,” Goop expressed admiration for the venue.
LVMH highlighted in its press release that the bistro maintains longstanding relationships with small-scale breeders and market gardeners, who have supplied the restaurant for multiple generations.
CNN attempted to contact Chez L’ami Louis for comment on Friday but did not receive a response.
The quintessence of Paris
Arnault has personally dined at the Parisian restaurant, according to a source close to the deal who spoke with CNN. The source added that the billionaire is deeply committed to preserving aspects of Parisian cultural “identity and expression.”
In 2019, LVMH and Arnault pledged €200 million ($226 million) towards the restoration of Notre Dame Cathedral following a devastating fire that affected the 850-year-old landmark. Other prominent families, including those behind L’Oreal and Kering, also made substantial contributions.
There is concern, the source noted, that when historical owners of culturally significant establishments like Chez L’ami Louis eventually step away, new investors may alter these places “into something that diverges greatly from their original identity.”
Arnault, ranked as the world’s third-richest individual after Jeff Bezos and Elon Musk, boasts an estimated net worth of $199 billion according to the Bloomberg Billionaires Index.
In recent years, LVMH, which owns prestigious brands like Dior and Louis Vuitton, has expanded its hospitality portfolio significantly. In 2019, the conglomerate acquired Belmond, a company that owns luxury hotels and operates exclusive rail and river cruises, in a transaction valued at $3.2 billion.
Earlier this month, LVMH announced a strategic investment in the Orient Express, an iconic luxury train brand owned by the French hospitality firm Accor.
