Luxury fashion group, LVMH will reportedly open a hotel, restaurant, spa and potential Celine flagship on London's Grafton by 2022. The experiential hotel will be designed by Norman Foster and is rumored to cost around half a billion pounds.

Bernard Arnault, LVMH's chief executive officer, told Business of Fashion “The future of luxury will not only be in luxury goods, as it’s been for many years, but also in luxury experiences, and we want to be in both segments.”

The new hotel will join LVMH-owned hotel chains Cheval Blanc and Bulgari Hotels and the newly acquired Belmond Hotel company.