Baccarat to open flagship store and hotel in New York
French luxury glassmaker, Baccarat announced the opening of a new flagship store in New York, on Madison Avenue, Spring 2013. The new Baccarat store in New York will be the second largest in the world, covering over 250 sqm on 2 floors.
Starwood Capital which owns 60% of Baccarat, signed earlier this year a partnership with Tribeca Associates to develop a Baccarat Hotel & Residences, on 5th Avenue in New York, projected to open late 2014. In 2011, Baccarat registered a net loss of 2,3 million euros and since, the company has been implementing an ambitious restructuring plan, focusing on improving productivity.