Richemont Group and Chanel extend Moscow stores lease by 10-15 years

MOSCOW, Dec 19 (Reuters) - Real estate holding Eastern Property, which owns elite business centres in Moscow, extended lease agreements with Swiss luxury goods group Richemont Group and Chanel, an official for Eastern Property’s management company said.

The deals extend the lease for Richemont Group until 2030 and for Chanel until 2035 at one of Moscow’s top luxury shopping streets, Petrovka.

The lease was extended for Richemont’s brands Vacheron Constantin, Panerai, IWC Schaffhausen and Cartier located at the Berlin House and for Chanel’s store in nearby Geneva House, the official for Valartis Group that manages Eastern Property Holdings projects in Russia said.

Reporting by Tatiana Voronova, Writing by Anna Rzhevkina; Editing by Elaine Hardcastle