French luxury goods billionaire and art collector, Bernard Arnault is expanding his art empire with plans of launching a new art museum in Paris. Arnault has announced that he will be entering a partnership with LVMH to revamp the building that formerly housed the Museum of Arts and Popular Traditions.
The structure will require extensive renovations that will cost up to $166 million. The deal is subject to approval by the Paris city council and the French Ministry of the Environment. If all goes well, we can expect the museum to open its doors 5 years from now in 2022.
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