Fred Hayman to Vacate Rodeo, Lease to Vuitton

Fred Hayman, the Beverly Hills retail pioneer behind the Giorgio Beverly Hills fragrance and a boutique bearing his name, on Wednesday said he has decided to lease his Rodeo Drive store to Louis Vuitton.

The 20-year lease agreement, effective June 30, 1998, is the end of an era for the best-known merchant in one of the nation’s premier retail districts. Hayman was a founding member of the Rodeo Drive Committee, which was formed 25 years ago to attract leading international merchants to the Beverly Hills retail district.

Rodeo is now undergoing a revival driven by upscale retailers. Hermes, Gucci, Hugo Boss, Prada, LaCoste, Ferragamo and Tommy Hilfiger are among the fashion giants that have opened, remodeled or expanded Rodeo stores in recent months.

Louis Vuitton, best-known for its expensive handbags, is just the latest to expand its presence on Rodeo. Vuitton already has a store there, but the company plans to move its retail operations to the larger location at the site of Hayman’s store, Fred Hayman Beverly Hills.

Hayman said Vuitton agreed to a 20-year lease for the 10,000-square-foot site, but he would not disclose the financial details.

“It was a good offer,” Hayman said. “It was an agonizing decision. But an expanded Vuitton will be good for Rodeo. I’m pleased with my time on Rodeo because it’s been transformed from a village street to a world-class avenue.”

Hayman said he has plans for other ventures but would not elaborate. He opened his boutique in 1987, the same year he sold Giorgio Beverly Hills to Avon. The Giorgio fragrance business and a boutique, also called Giorgio Beverly Hills, is now owned by Procter & Gamble.