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French fashion brand Louis Vuitton, who have rented Bellver Castle to present their new jewellery collection, says the show will have a direct benefit of 24 million euros for Palma. They have invited their top clients to Palma for the presentation. Palma airport is expected a fleet of private jets to arrive over the coming hours.
The French fashion giant is led by Bernard Jean Étienne Arnault and he is one of the richest individuals in the world; as of May 2025, he has an estimated net worth of 148.7 billion dollars.
The town hall, which has been criticised for making the mediaeval castle available to the French luxury brand, have released a statement with the Louis Vuitton estimate. This is based on contracts for accommodation and meals, travel, security, catering, carpentry, lighting and sound, among others. Around 15 million will go to small to medium-sized businesses.
The benefit to the town hall is rent of 175,000 euros. This breaks down roughtly to 1,000 euros an hour to rent Bellver Castle. On top of this, the company has to pay a tax, which takes the figure close to 200,000. It has also had to lodge a deposit to cover for any possible damage.
Deputy mayor and the councillor for culture, Javier Bonet, has defended the hosting of the show by highlighting the financial benefits for businesses and by pointing to the kudos. “It’s a unique event in the world, one we would never have imagined taking place in the city.”
Bonet has responded to criticisms from the general secretary of the PSOE opposition in Palma, Iago Negueruela, by noting that, when PSOE were in power, “there were more than 24 private events at the castle, including one for a TUI promotional video“. “No one complained that Bellver Castle was being privatized.”
A great deal of secrecy surrounds the event, for which there will be a great deal of security. It is reckoned that the jewellery that will go on show will have a total value of 600 million euros. The castle is now closed to the general public and won’t reopen until June 3.
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