LVMH pulls the plug on historic department store in Venice

The French luxury empire LVMH announces the closure of one of its most traditional stores in Venice. The plan is to close the famous department store, which operates under a subsidiary of the group, by 2024. The decision marks the end of an era for the location, which has been a magnet for international tourists and a highlight of the Venetian shopping landscape for decades. LVMH, known for its exclusive range of brands, has surprised many with the decision, leaving room for speculation about the site's future. The reasons for the planned closure were not detailed by the company management, but industry experts suggest economic considerations or strategic realignments. The news comes at a time when the luxury industry worldwide is facing various challenges, particularly due to changing consumer behaviors and the aftermath of global events. Nevertheless, LVMH remains a dominant player in the market and continues to demonstrate skill in dealing with such dynamics.