Chanel Buys Building on Paris’ Upscale Avenue Montaigne

Chanel bought a building on avenue Montaigne, a high-profile shopping destination in Paris, as European luxury players swoop in to secure prime real estate for their boutiques.

The fashion label known for its tweed jackets and skirts purchased the property at 42 avenue Montaigne, about a block away from the Champs-Élysées, according to a statement, which didn’t disclose the transaction terms.

Chanel is already present in the building with a boutique, and there’s another of the brand’s stores on 51 avenue Montaigne. Italian insurer Generali was the seller, according to people familiar with the matter, who asked not to be ...