Italian luxury fashion house founded in 1913 in Milan by Mario Prada has now conquered the whole world.

Italian luxury group Prada recently purchased an entire building on Fifth Avenue in New York City. Since 1997, the 724 Fifth Avenue building has housed New York’s largest store for the brand that gives the group its name today. The newly purchased building is twelve stories high and the group plans to use the space above the store for offices but also warehouses, although no other details were given. The Hong Kong-listed Prada Group explained in a note that the acquisition is worth $425 million and was a cash transaction “financed with internal resources.”

“Prada maintained a solid growth trajectory in the third quarter, underpinned by like-for-like sales at full price,” the CEO had commented on Oct. 31. “Miu Miu again performed well across all geographies and product categories. In an uncertain geopolitical and economic environment that requires us to remain vigilant, we continue to observe favorable momentum and strong enthusiasm around our brands. This positions us well for a positive fourth quarter and concerning our ambition for the year of solid, sustainable and above market average growth.”

This also explains the decision to buy Fifth Avenue, which is the world’s most expensive in terms of rent per square meter, followed by Via Montenapoleone in Milan, where Prada has two stores as well as a store under the Pasticceria Marchesi banner.