Albert Goldberg is reportedly vacating Old England, selling out to Richemont which plans to convert the building into France's largest watch boutique. Richemont owns Cartier, Jaeger-LeCoultre and IWC and hopes to capture some of the €600m sales Chinese tourists bring to the Opera / Place Vendôme / Grands Magasins neighbourhood. Le Tribune says that Richemont is paying 15m to facilitate the exit of Old England, which has been owned by Goldberg for couple of years. Goldberg's Albert Arts brand, which never seemed to do very well in Paris, will be closed down in the capital and function under reduced capacity in its Nice base. This article in Le Tribune reports that the big French shops like Galeries Lafayette pay a "tip" of 10-15 percent of every watch sale to the Chinese tour operators who deliver shoppers to their businesses. Richemont will probably be expected to do the same: http://www.latribune.fr/entreprises...la-bataille-de-la-montre-de-luxe-a-paris.html More: http://stiffcollar.wordpress.com/2011/11/21/soiree-cuir/ Times change, I suppose. Old England under Goldberg was more about Italian brands like Cucinelli and his unloved Albert Arts than the traditional and quirky English clothing that was stocked there before. It was always a good place for Drakes ties and Edward Green shoes, though the mark-up as the euro appreciated vs the £ put a lot of older clients off, me included. It will be sad to see the shop go, though its demise was inevitable: It's almost always empty when I visit and even before Goldberg took over its Anglophile collection of tweeds, covert coats and itchy pullovers was playing to a smaller and ageing market.