| PARIS, March 8
PARIS, March 8 French luxury goods tycoon
Bernard Arnault is expanding his art museum empire with plans to
renovate a disused public building near his landmark 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 a
multi-cultural arts and crafts center in a 158 million euros
($167 million) revamp by architect Frank Gehry.
Gehry also designed the Louis Vuitton Foundation building,
which stands 300 metres (yards) away on the edge of the Bois de
The investment was due to be announced later on Wednesday by
Arnault, owner of luxury group LVMH, in the presence
of President Francois Hollande, Paris Mayor Anne Hidalgo and
Culture Minister Audrey Azoulay, a source close to the matter
Gehry, whose Louis Vuitton Foundation building opened in
2014, will create a a cultural center with an arts and crafts
focus, featuring a concert hall and workshops for a 50
year-concession granted to Arnault by the City of Paris.
Paris officials last year renewed LVMH's concession for the
Jardin d'Acclimatation amusement park behind the disused museum
site, opening the way for a renovation of the garden and its
LVMH, which has managed the park since 1984, holds an 80
percent stake in a partnership with Compagnie des Alpes
, a theme parks and ski resorts developer. The
concession contract runs for 25 years.
($1 = 0.9471 euros)
(Reporting by Dominique Vidalon; Editing by Andrew Callus)