( CNN ) -- Luxury enthusiasts , rejoice : Louis Vuitton is bringing its upscale sensibilities to the art world . Fondation Louis Vuitton , the philanthropic wing of luxury goods conglomerate LVMH , is opening a 41,441-square-foot art museum in Paris to share its cultural values with the general public . Designed by starchitect Frank Gehry for more than $ 130 million , the building will act as a home for the company 's public and private art collections , as well as a showcase for temporary exhibitions and performances by contemporary artists . In the months following its official public opening on October 27 , the museum 's programming will include commissions inspired by the building 's architecture and retrospective concerts by German electronic band Kraftwerk . Giving back , Louis Vuitton style . According to LVMH CEO Bernard Arnault -- whose $ 30 billion fortune makes him France 's richest man -- the Fondation Louis Vuitton is a way for the company to give back to the city . `` ( It 's ) showing that we are very good ( citizens ) and that we are working not only for profit , but also for something that is transcendent , '' he told CNN at the building 's inauguration . To sweeten the deal , LVMH will give the museum and its contents to the city of Paris in 55 years . Louis Vuitton is part of a growing legion of fashion houses lending their names and funds to artistic causes . In 2008 , Italian luxury brand Furla started a foundation to support young Italian artists , and Fondazione Prada has co-produced art works and organized contemporary exhibitions since the nineties . A number of brands , including LVMH-owned Fendi , have also volunteered to finance the restoration of various Roman monuments like modern-day Medici . Working with a starchitect . The building itself is as much of a cultural contribution as the art it contains . Gehry , one of the world 's most well-known architects , is famous for designing unconventional cultural centers that draw as much interest as the happenings inside , like his Guggenheim Museum in Bilbao , Spain and Walt Disney Concert Hall in Los Angeles . Already referred to as the `` glass bird '' and `` the iceberg '' by the public , Gehry 's Fondation Louis Vuitton was inspired by classic Parisian glass architecture like the Grand Palais . It is meant to evoke ships and a sense of movement , like wind pushing through sails . Because of its glass covering , the building changes character throughout the day as the light comes and goes . The hard sell . But like other non-traditional buildings in Paris -- from the Eiffel Tower in 1889 to I.M . Pei 's glass Louvre Pyramid 100 years later -- Gehry 's building has received a certain amount of back-lash . `` France is a country where , as you know , we have a lot of manifestations , of protests . Each time you do something , people are against , '' Arnault said . `` Even for this fantastic building we had to go through a lot of protests before being able to finish it . '' However , the Fondation is hopeful that their museum will ascend to landmark status like the controversial buildings that preceded it . At this point , it seems more than possible . If anyone can sell an experience , it 's LVMH . How some whisky lovers are making millions . A sneak peek inside London 's most prestigious private homes . The life , death and rebirth of Battersea Power Station . The all-consuming world of Frieze Art Fair .
2008 : LVMH has opened Fondation Louis Vuitton , a new contemporary art museum in Paris . The building was designed by Frank Gehry for $ 100 million . The museum is LVMH 's way of giving back to the city of Paris .