Construction on the $70 million project is underway
The Bernard Arnault-led luxury powerhouse, LVMH, has said that it has started construction on a theme park at the 18-hectare Jardin d’Acclimatation park which is adjacent to its colourful Louis Vuitton Foundation.
LVMH has an 80 per cent stake in the park in association with ski-resort developer Compagnie des Alpes. The president of Jardin d’Acclimatation, Marc-Antonie Jamet, is also the secretary-general of LVMH.
The construction on the park began earlier this week and it is expected to be completed by May 2018. It involves building 17 new attractions modelled around the idea of “steampunk” – a theme that harks back to the Nineteenth and early Twentieth century when the industrial revolution was gaining ground and machines were mainly steam-powered. LVMH will also attempt to resurrect some of the original charms of the 157-year-old park by reintroducing an aviary and stable that once existed at this site.
The park currently attracts two million visitors annually, but LVMH says it expects that number to rise to three million by 2025, vaulting it to among the top three most visited theme parks in Europe. That may be far behind Disneyland Paris which has around 30 million annual visitors, but ahead of Parc Asterix.
The project is expected to cost around $70 million and isn’t expected to create a flurry among LVMH’s shareholders who had a reason to celebrate earlier this year when LVMH announced that it had earnings of approximately $23 billion in the first half of this year and that its profits were up 23 per cent. For theme park enthusiasts, you might also want to book ahead for the new Star Wars Land – a $1 billion project currently underway in America – that is expected to be completed by 2019. Let the good times roll.