Revealed: Family behind fashion giant Max Mara spends £140m on Bond Street

The Italian family behind the celebrity-adored Max Mara fashion empire has agreed to splash out more than £140 million on a Bond Street building, the Evening Standard can reveal.

West End property sources said the Maramotti family has agreed a deal to buy 24 Old Bond Street, in a move “that shows the street is still the star of the luxury shopping world” according to one expert.

The 14,000 square foot prominent property includes offices and a store let to Italian accessories giant Salvatore Ferragamo.

Previously it was home to historic London-founded perfume house Atkinsons.

It is understood the buyer was enticed by steady and high rental income, and having the longer term opportunity to put one of its own brands in there. These include Max Mara, which counts actress Emma Stone as a fan, and Marina Rinaldi.

The family owns some other properties on the street as do rivals including Prada and Richemont.

The latest investment comes despite reports that the status of Bond Street as the UK’s most exclusive shopping destination is under threat from rising rates and rents.

Property agents have disputed that and insisted brands still want to open there. In Max Mara’s latest UK accounts it said the reopening of its Bond Street flagship after a revamp had helped boost sales 14% to £22.3 million in 2016.

A vehicle called Unity is buying 24 Old Bond Street from NFU Mutual, which is being advised by agents Chapman Petrie and CBRE. All parties declined to comment.

Max Mara could not be reached for comment.