Business
Louis Vuitton bets big on Rodeo Drive with new Frank Gehry-designed store
Louis Vuitton is gearing up to go over the top again in Beverly Hills.
With plans for an ultra-opulent hotel on Rodeo Drive stymied by voters two years ago, the Paris fashion house’s owners are back with a proposal for a theatrical flagship store designed by architect Frank Gehry that would anchor the north end of the famous retail corridor.
Luxury goods stores on Rodeo Drive are growing larger as top-shelf retailers increasingly up the ante to dazzle shoppers, and the vision from Louis Vuitton owner LVMH is one of the biggest stores yet with restaurants, rooftop gardens and exhibition space.
Set to open in 2029 pending city approval, the store will stretch through the block from Rodeo Drive to Beverly Drive along South Santa Monica Boulevard. It will be one continuous structure connected across an alley by two pedestrian bridges and a tunnel.
Louis Vuitton said its new store will contain 45,000 square feet on the retail side fronting on Rodeo Drive and an additional 55,000 square feet on the hospitality-focused side of the building off Beverly Drive.
“The new location will take visitors into a full Louis Vuitton lifestyle experience showcasing its diverse universes of products and one-of-a-kind client experiences,” the company said in a statement.
The retail entrance will be on Rodeo Drive, with three floors dedicated to product categories such as women’s and men’s collections, travel, watches and Jewelry, beauty and fragrance. A rooftop level will have private spaces for clients and a garden.
Pedestrians walk past a building at the intersection of Rodeo Drive and Santa Monica Boulevard in Beverly Hills.
(Mel Melcon/Los Angeles Times)
Visitors entering from Beverly Drive will find a cafe and exhibition lobby on the ground floor, two more floors of exhibition space and a rooftop with a restaurant and open-air terrace.
Louis Vuitton representatives declined to offer more details about the exhibitions or the building, but the brand perhaps best known for its signature monogrammed handbags and luggage also has made a reputation promoting art and culture.
In 2014 it opened the Fondation Louis Vuitton in Paris in a building designed by Gehry. The Fondation has art exhibits, concerts, dance performances and organized family activities such as art classes for children.
Gehry has also also collaborated with Louis Vuitton on a collection of handbags reflecting his architectural style, which is known for flowing, curvilinear sculptural forms.
In downtown Los Angeles, Gehry designed the Walt Disney Concert Hall, the Grand L.A. mixed-use complex across the street and the nearby Colburn School performing arts center under construction.
The interior of Luis Vuitton’s Beverly Hills flagship is being designed by another well-known architect, Peter Marino, who designed the existing Louis Vuitton store on Rodeo Drive and the ill-fated Cheval Blanc Beverly Hills hotel intended for the Rodeo Drive site now selected for Louis Vuitton’s new flagship.
New York-based Marino was described by Architectural Digest as “a leading architect for the carriage trade, and the architect for fashion brands.”
Marino once said the Chevel Blanc hotel, which was approved by the city before being vetoed by voters, would improve the pedestrian experience on the northern edge of Rodeo Drive’s famed shopping district, where “people get to the end, shrug their shoulders and walk back.”
The parcels intended for the hotel and now Louis Vuitton are owned by LVMH and were formerly occupied by Brooks Bros. and the Paley Center for Media. The existing unoccupied structures will be razed to make way for the new store.
Merchants on the famous three-block stretch of Rodeo Drive constantly strive to find new ways to call attention to themselves and polish their brand’s image, said real estate broker Jay Luchs of Newmark Pacific, who works on sales and leases of high-end retail properties.
“It’s competitive among brands to always be the best they can be, and they’re not sitting on spaces keeping them stale,” he said. “They’re all always reinventing themselves.”
The expensive changes to their stores are “very obvious,” Luchs said. “It’s almost like an art. The street has different top designers who have made these stores spectacular one after the other.”
Even though retail rents on Rodeo Drive are some of the highest in the country, stores are also getting bigger, the property broker said.
Fifteen years ago, stores on the street were typically 25 feet wide, he said, then gradually many became 50 feet wide, he said. “Now you’re seeing stores 100 feet wide” that may have two different landlords.
A 50-foot lot is “very big,” Luchs said, and can hold a store with 5,000 square feet on each level and may go three stories tall for a total of 15,000 square feet in the store.
The fashion house is also growing in New York, where its flagship store is being replaced with a building that will nearly double its footprint on 57th Street at 5th Avenue, the Architects Newspaper said. Construction has been concealed with a facade that looks like a giant stack of distinctive Louis Vuitton trunks.
Business
Rent-hike ban to protect fire victims ends despite gouging concerns
A rule intended to prevent rent gouging in the wake of the Eaton and Palisades fires has lapsed in Los Angeles County, possibly exposing some renters to hikes.
The executive order that blocked rent increases was issued by Gov. Gavin Newsom amid the devastating wildfires last year. Under the order, landlords couldn’t increase rents by more than 10% above their prefire levels.
The rule, which was supposed to be temporary and was repeatedly extended, ended Friday after a vote to extend it again failed to garner enough votes. Supervisor Lindsey Horvath, whose district includes Pacific Palisades, sounded the alarm in a motion to extend price protections that failed to pass at the Board of Supervisors’ May 19 meeting.
“These price gouging protections continue to be necessary as construction and rebuilding continue, and as thousands of people remain displaced,” the motion said. “Families which signed short-term leases could face drastic price increases of 50% or more without further price gouging protection.”
Los Angeles County is home to more than 1 million rental properties, though not all of them needed protection from the new rule. There are already stricter rent increase caps for many residences, depending on the location, type and age of the building. Despite the rent control in the region, the people of Los Angeles pay among the highest rents in the country.
It is uncertain whether renters will face rapidly rising rents now that the protection has lapsed. But some real estate experts and policymakers said there was no need for the temporary rule that was part of the governor’s state of emergency.
Supervisors Kathryn Barger, Janice Hahn and Holly Mitchell abstained from voting on the motion to extend the protection, while Supervisors Hilda Solis and Horvath supported it.
“I abstained because I did not see sufficient evidence to justify extending this emergency ordinance, nor did I see evidence to eliminate it entirely,” Hahn said.
Barger’s office said she supported allowing the protections to sunset while waiting to see whether new information emerged.
“Market data already shows countywide rents are only about 2% above pre-emergency levels and rental inventory has grown,” Barger representative Helen E. Chavez Garcia said. “The Supervisor is also mindful of the burden these ongoing protections place on small property owners throughout the county.”
Mitchell did not immediately respond to a request for comment.
There haven’t been steep rent hikes in neighborhoods within three miles of the Palisades fire, according to a Times analysis of data from Zillow, the property listing company.
In ZIP Codes within three miles of the Palisades fire, rent increased 4.8% from December 2024 to April 2025. In areas around the Eaton fire, which destroyed swaths of Altadena, rent jumped 5.2% in the same period.
In L.A. County, ZIP Codes farther from the fires saw only about a 2% increase.
A landlords representative, Jesus Rojas of the Apartment Owners Assn. of Greater Los Angeles, told the supervisors during public comment at the meeting that the county’s rent-gouging rules have “long outlived the emergency they were intended to address” and are now being “wrongfully used to harm thousands of rental housing providers throughout the county.”
“There is no proof that multifamily rental housing providers are hugely increasing rents for impacted homeowners,” Rojas said.
Indeed, there are strong signs that the property market in the Los Angeles area has at last begun to cool.
L.A. metro-area rent prices recently fell to a four-year low, with the median rent slipping to $2,167 in December.
Meanwhile, condominium sales had their slowest start of the year in decades. Condo sales in Los Angeles have plummeted to a 20-year low, with fewer than 2,000 units sold in January and February — the worst start to the year since 2005.
Newsom defended the price-gouging protections shortly after they went into effect.
“In the days following the Los Angeles firestorms, we worked quickly to protect Los Angeles survivors from any form of exploitation,” he said in February 2025. “The state has the tools in place to not only block price gouging during this emergency, but also to prosecute bad actors.”
The Los Angeles County Department of Consumer and Business Affairs said it received more than 2,000 complaints after the fires, alleging that retailers and landlords were taking advantage of people put in hardship by their losses, and sent out more than 2,000 cease-and-desist letters to businesses and landlords for alleged price gouging, said Morine Merritt, who oversees department investigations into consumer and real estate fraud.
“Close to 90% of the complaints that we received involved allegations of rent increases,” Merritt said in an interview. Now that the fire-related protections have expired, existing laws and “regular market conditions determine price increases for goods and services, including rents,” she said.
Crackdowns on fire-related rent gouging have been rare, said Chelsea Kirk of the activist organization the Rent Brigade, which analyzed L.A. County’s rental market in the year after the fires. It reported 18,360 potential examples of price gouging in listings but said that few lawsuits had been filed by authorities so far.
Last week, Rent Brigade announced what it said was the first private civil lawsuit brought by a family that claimed to be rent-gouged in the aftermath of the wildfires. Plaintiffs Randall and Candy Renick, whose Altadena home was damaged, said they were charged nearly three times the maximum permitted rate for nearly 10 months. They seek restitution of $96,000 plus civil penalties and attorneys’ fees.
The rental market has probably stabilized since the fires, Kirk said, but other families may still be “locked into illegal rents” that they agreed to pay when they were in a rush to find housing after they were displaced.
Business
Read Nick Bilton’s Letter to Scott Pelley
Dear Mr. Pelley:
I meant what I said in my letter last week to the 60 Minutes team: joining 60 Minutes is the honor of my career and I am grateful to be working alongside the people who have contributed to the most important television journalism brand this country has ever produced. While I’m new to 60 Minutes, I’ve devoted my career to investigative journalism and storytelling. I started this job excited to collaborate and to benefit from the wisdom and experience of the 60 Minutes veterans, with you among them. For that reason, one of the first things I did in my new role was call you to talk and invite you to dinner. It is a profound disappointment that you rejected that overture and chose ambush instead. Yesterday, you hijacked my first meeting with staff to disparage me, my qualifications, and my intentions with remarkable incivility and contempt. I welcome a diversity of viewpoints and respectful debate among the team, but this was nothing of the sort. Yesterday’s performative display of hostility enacted in front of the staff instead of in a civil, private conversation-demonstrated that you have no interest in contributing to the future success of the show, or approaching my new tenure with a mind open to collaboration and progress. I am here to deliver first-in-class news programming, not to make headlines about newsroom drama. I am eager to work alongside those who share this goal.
Despite yesterday’s misconduct, I had hoped that in sitting down with you today we could find a path forward together. You made clear that you are not interested in such a path.
Your antipathy to the future of the show has come through loud and clear. And I have heard you. I therefore write on behalf of CBS News, Inc. (“CBS”) to inform you that your employment with CBS is terminated for cause effective immediately. Enclosed is your formal termination letter.
Sincerely,
Nick Bilton
Executive Producer, 60 Minutes
Business
Aspiration co-founder sentenced to 14 years for fraud
The co-founder of Aspiration, Joseph Sanberg, was sentenced to 14 years in prison on Monday after defrauding investors and lenders of over $248 million.
The startup, an eco-friendly digital banking company boasting fossil fuel-free investments, carbon offsets for gas purchases, and a debit card with cash-back benefits for shopping at clean companies, was founded by Sanberg and Andrei Cherny. Cherny left the company in 2022 and has not been charged.
Sanberg, an Orange County native, pleaded guilty to wire fraud in October after being arrested in March last year. Aspiration subsequently filed for bankruptcy and liquidated all of its assets by July.
Sanberg and venture capitalist Ibrahim AlHusseini, who also faces charges, together forged a series of bank statements in order to obtain loans. From 2020 to 2021, the pair forged AlHusseini’s bank statements to show millions of dollars in assets in order to obtain millions of dollars from lenders.
Additionally, they forged a letter from their audit committee stating that $250 million in funds were available, when in reality Aspiration had less than $1 million. The amount of loans defrauded exceeded $248 million.
In 2021, Sanberg artificially inflated Aspiration’s 2021 revenue by $44 million by recruiting 27 fake customers to sign letters of intent pledging tens of thousands of dollars per month for tree planting services. Sanberg himself funded the contracts and used the inflated revenue numbers to obtain more loans.
The charges sparked an NBA investigation into salary cap allegations due to Aspiration’s connections with Clippers owner Steve Ballmer.
Ballmer personally invested $60 million in Aspiration, all of which was lost. He is now the target of a civil lawsuit alleging his participation in the scheme. Ballmer denies the allegations.
The team announced a $300-million sponsorship deal with Aspiration, and Clippers player Kawhi Leonard signed a four-year, $28-million marketing contract with the company, which reportedly performed no duties. The issue has raised concerns about how players are circumventing the NBA’s salary cap.
The team lost the $300-million sponsorship deal and an additional $20 million paid for carbon offset purchases.
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