French luxury giant LVMH completed its acquisition of Paris's famous restaurant "Chez L'Ami Louis", established in 1924, as the group continues its diversification push towards lifestyle and hospitality, Reuters reported, citing the company on Thursday.

As the luxury sector grapples with declining demand for high-end fashion as wealthy clients favor experience over accumulating apparel and accessories, LVMH is expanding its portfolio in the fast-growing "experiential" high-end travel and hospitality sector.

"LVMH will work to preserve the unique character and family identity and continue to support its French savoir-faire and expertise," the company, controlled by billionaire Bernard Arnault, said in a statement.

LVMH, the world's largest luxury group by market capital and one of the official sponsors of the Paris 2024 Olympic Summer Games, is heavily banking on Paris's image as a global capital of taste and style.

Chez l'Ami Louis, a classical bistrot situated between the Centre Pompidou and Place de la Republique, is cherished for its fois gras and roasted chicken.

The financial terms of the deal were not disclosed.