Luxury brands Dior and Fendi will pay record-breaking rents for shop space in Milan’s Galleria Vittorio Emanuele II shopping centre after winning an auction.
Dior will spend over €5m (£4.1m) a year over the next 18 years to rent a shop in the centre, according to the Guardian. Fendi will pay €2.4m (£1.9m) a year.
Starting prices at the auction for Dior’s new store, which is currently home to Versace, began at €950,000 (£789,000) and attracted 36 bids before being won by the brand. Fendi beat 28 bids for its smaller new store, which is occupied by Armani, and started at €872,000 (£725,000.)
Galleria Vittorio Emanuele II is also home to retailers including Prada, Gucci and Louis Vuitton.