Chanel has purchased the building housing its boutique at 42 Avenue Montaigne in Paris, France.
The luxury fashion and beauty house has occupied a two-floor space in the building located near shopping street Champs-Élysée since 1986.
Chanel did not disclose the terms of the transaction.
Avenue Montaigne is Paris’ premier luxury shopping destination and is home to fashion and beauty brands including Versace, Dior, Prada, Givenchy and Gucci.
Earlier this year, Chanel’s boutique was the victim of a smash-and-grab robbery as reported by France 24 which saw more than €6m worth of products being stolen from the store.
The acquisition also comes after Chanel reported nearly US$20bn in sales in 2023, which it claimed was driven by strong growth across all product lines.
The French luxury fashion and beauty house credited the increase to "double-digit sales growth across each division", including its Fragrance & Beauty arm.
Chanel's CEO Leena Nair said the strong results reflected the “relentless focus on exceptional creations that inspire”.
She added: "They underline sustained investment in building the desirability of our brand, creating the ultimate luxury experience for our clients and supporting our people to grow and develop.”
Cosmetics Business has contacted Chanel for comment.