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Nobody knows about fashion like New Yorkers, and the one constant in fashion is that nothing is constant. Companies, much like fashions themselves, go in and out of season according to the markets, and today at 747 Madison Avenue, Givenchy is Out and Versace is In.
The iconic Italian fashion brand was founded in 1978 by fashion magnate Gianni Versace. Today, the brand is known as one of the most popular luxury fashion companies, and produces both upmarket ready-to-wear pieces alongside haute couture pieces under the brand Atelier Versace. Today, the brand can be found in numerous stores across the city as well as few full brick-and-mortar locations in SoHo. Since closing their flagship store at 647 Fifth Avenue in 2018 and moving to Greene Street, Midtown has been in desperate need for a new store.
In 2013, the French luxury label Givenchy signed a 15-year lease for the ground floor space at 747 Madison Avenue, originally intending to stay in the building until 2029. But earlier this year, Wharton Properties decided cut the lease duration in half, and Givenchy parent company LVMH paid $24.5 million to end the lease, according to the Commercial Observer.
Now, Versace is moving into the space previously occupied by Givenchy, striking a seven-year lease with Wharton, beginning at $1.6 million a year, increasing by 3% for every year of the lease. The space occupies both the ground floor and mezzanine and features 3,400 square feet of space. Wharton is reported to be asking Givenchy to leave by March 8th, though it is unclear how quickly Versace will be moving into the building.