WWD has reported today on my new neighbors on Rodeo Drive.
A quote from owner Haig Avakian refering to jewerly from VCA, Harry Winston and Tiffany.
"I think that L.A. as a market is quite underdeveloped," he said. "A lot of our clientele have already bought these classic pieces. They want something different."
The LA market underdeveloped? Is he high?
I think that Mr. Avakian is going to be dependent on tourist business from his Beverly Wilshire Hotel location. He's already been given a wonderful opportunity to donate a small item for an auction for a major Beverly Hills based charity and he couldn't donate or even be bothered to even meet with one of the board members. Mr Avakian's attitude may work in Switzerland but it isn't going to to bring in a loyal Beverly Hills clientele.
"Beverly Hills is a key location to purchase luxury goods in the United States; we wanted to find a West Coast home where women appreciate Italian luxury goods," said Giorgia Caovilla, company vice president and daughter of founder Rene Caovilla. "The celebrity scene in Los Angeles is second to none and it was a natural place to open our second U.S. store. L.A. style has come a long way and we want a customer who appreciates how to wear a shoe from day to night."
My prediction, Caovilla, which has a ten year lease for the space next to Jimmy Choo will outlast Avakian.