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Swapping Ferré for Dior

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They say that when one Upper East Side fashion house flagship closes, another one opens. Two weeks ago, we reported that the 3,000-square-foot Gianfranco Ferré store on Madison Avenue was shuttering—now, it seems Dior will be opening in its place, having bought the lease from Ferré for a cool $3 million. Gianfranco himself was Dior's stylistic director, so in a way, the building's staying in the family. [The Real Deal]