Mind-boggling figures to win one of the most glamorous spaces in Italy, or rather, in the world of fashion. We are in Milan, in the heart of the Galleria Vittorio Emanuele II. Here luxury brands literally compete to secure the concession of municipally owned spaces. Tiffany won the latest auction: the jewelery house will pay the Municipality of Milan an annual fee of 3.6 million, for a commercial area of 174.5 square metres. The windows, overlooking the central Octagon, had until now been occupied by Swarovski. Tiffany’s offer exceeded the tender base by approximately seven times, set at 506 thousand euros per year. The game was closed after 27 raises and ten prestigious brands, admitted to the public procedure, played it. With this latest award, the value of the concession fee for a shop in the monumental complex has reached over 20 thousand euros per square meter. Since 2019, we read in the Palazzo Marino press release, «the enchantment mechanism has been introduced for the renewal of the concessions of the most prestigious spaces of the Salotto di Milano, i.e. the shops overlooking the Octagon and the first three adjacent windows on the four arms of the Gallery. So far, five stores have been awarded through this type of procedure: Armani, Fendi, Dior, Santoni and Loro Piana.”
