The man behind the “cotton candy” line of interior decor, William DeWitt, has now turned his attentions to the luxury of the house.
It seems he has finally made a dent in the house business, with his latest venture, a $400m house in New York City that will be completed in 2017.
The $1.3bn (1.2bn euro) building will be home to the world’s largest collection of designer couture collections, including a new line of Chanel bags and Louis Vuitton purses.
DeWit has designed the space with an eye towards the luxury market, using high-end materials, cutting-edge lighting and innovative construction.
It will be the home of the Chanel Collection and will be made from high-quality materials, as well as custom-made fixtures, including stainless steel.
The home is designed to have the luxury feel of the largest collection in the world, and is expected to be finished in 2018.
It is the latest example of DeWits expanding global footprint, with a $50m expansion in Hong Kong last year and a $5.7bn investment in the UK in 2017 and 2018.
In the US, DeWitty has a portfolio of luxury brands including Louis Vuites, Chanel, Hermès, Burberry and Dolce & Gabbana, and the luxury goods company LVMH has pledged to buy him out of his role as chief executive.
The company, which has already invested $100m in DeWitte’s brands, said it was working to secure financing to ensure that his portfolio remained viable.
He is also chairman of the luxury furniture firm Wunderland, which is expected be a major buyer in the luxury segment.
De Witt said in a statement: “We are excited about the opening of the new Chanel house in NY and the future of luxury.
The new Chanels collection is an important part of Chanels global portfolio and the new house will bring Chanel luxury products to the entire world.”
The house is scheduled to open in 2018, although the exact date will not be disclosed until next year.
De witt has been the architect behind the Chanels flagship store in New Orleans, the Luxury Luxury Store, which opened in 2006.
Dewitt is also the architect of the iconic DeWitz hotel, the first in the US to open its doors to the public in 2020.
He has worked extensively in the design and construction of luxury buildings, including the Burberry Paris headquarters, and also designed the new home of Dolce&gabbana.
He also worked on the luxury hotel in Rio de Janeiro.