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Hermès Buys Record $400M Rodeo Drive Property
The luxury fashion brand expands its flagship store on the iconic Beverly Hills shopping strip.
Published on Feb. 11, 2026
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French luxury fashion house Hermès has purchased a record-breaking $400 million property on Rodeo Drive in Beverly Hills, California. The new location will be twice the size of Hermès' current store just a few doors down, which the company bought 15 years ago. The purchase is the most expensive retail real estate acquisition on the famed drive in more than two decades.
Why it matters
This record-breaking deal highlights the continued strength of the luxury retail market, even as other sectors have struggled. It also demonstrates Hermès' commitment to expanding its physical presence on one of the world's most prestigious shopping destinations.
The details
Hermès' new 25,000-square-foot location at 338 N. Rodeo Drive is currently home to three other fashion stores: Tom Ford, Balenciaga, and Moncler. It's unclear what Hermès plans to do with the properties, as the current tenants' leases aren't up for a few more years. However, luxury retailers have been expanding their flagship stores, even as other retailers have been shrinking their U.S. footprint.
- The record-breaking $400 million property acquisition was announced in the summer of 2025.
- Hermès bought its current Rodeo Drive storefront 15 years ago.
The players
Hermès
A French luxury goods fashion house that has purchased a record-breaking $400 million property on Rodeo Drive in Beverly Hills, California.
Jay Luchs
A vice chairman at Newmark who brokered the Rodeo Drive transaction.
Houman Mahboubi
A CBRE senior vice president who noted the high demand from luxury brands seeking flagship locations on Rodeo Drive.
What they’re saying
“What you see now on Rodeo Drive is not only a commitment by the luxury brands that are able to buy their real estate, but you're seeing the buildings get much bigger.”
— Jay Luchs, Vice Chairman, Newmark (Wall Street Journal)
“There just isn't any inventory. The high demand from luxury brands that are seeking flagship locations are driving values up and creating pricing power for landlords.”
— Houman Mahboubi, Senior Vice President, CBRE (Wall Street Journal)
What’s next
It's currently unclear what Hermès will do with the properties as the current tenants' leases aren't up for a few more years.
The takeaway
This record-breaking real estate deal on Rodeo Drive demonstrates the continued strength of the luxury retail market and Hermès' commitment to expanding its physical presence on one of the world's most prestigious shopping destinations.
