Luxury tycoon Arnault to revamp Paris museum
17 March, 2017
French luxury goods tycoon Bernard Arnault is expanding his art museum empire with plans to renovate a disused public building near his Louis Vuitton Foundation on the outskirts of Paris. The Musee National des Arts et Traditions Populaires, built in 1972 but sitting vacant since 2005, is to be turned into an arts and crafts centre in a €158m revamp by architect Frank Gehry. Arnault, who controls luxury group LVMH, told a news conference alongside President Francois Hollande, Paris Mayor Anne Hidalgo and architect Frank Gehry that he viewed the new project as a "cultural start-up".
Named "La Maison LVMH/Arts-Talents-Patrimoine", the renovated building will host concert and exhibition halls and workshops after it opens in 2020. LVMH will pay a fixed annual fee of €150,000, plus a portion of revenue generated, under a 50 year-concession from the City of Paris.