A fire near Tiffany & Co.’s newly renovated flagship store in New York City sent smoke pouring through the building on Thursday. Firefighters responded to a transformer fire that began in an electrical vault next to the jewelry store’s 5th Avenue location in Manhattan. The New York Fire Department later declared the fire under control. Two people were taken to the hospital, the FDNY said. Their conditions are currently unknown.
The price tag for the store’s revamp was approximately $500 million, according to a report from the Wall Street Journal. The high-end jeweler was purchased by Bernard Arnault’s LVMH\n \n in 2021 for $15.8 million. In April, Arnault, who is LVMH\n \n ’s CEO, told the Journal that he decided to alter Tiffany’s initial flagship renovation plans after getting lost in the building while visiting. Arnault said the store’s update was “more in line with the beauty and the myth which is Tiffany.