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**Kering Sells Majority Stake in Fifth Avenue Retail Property for $690 Million**
Gucci’s parent company, Kering, has sold a 60% stake in its Fifth Avenue retail property to private equity firm Ardian for $690 million. The deal values the 115,000-square-foot property, located at 715-717 Fifth Avenue, at approximately $900 million. This is a slight decline from the $963 million Kering paid for the asset earlier in 2024.
As part of the agreement, the property will be contributed to a newly formed joint venture between Kering and Ardian. This follows a similar arrangement made earlier this year, in which Ardian acquired a majority stake in three Kering-owned properties in Paris for €837 million (approximately $984 million USD).
“Like the investment agreement already signed in Paris, this transaction allows us to secure another long-term, highly prominent retail location for our Houses while enhancing our financial flexibility,” said Kering Chief Operating Officer Jean-Marc Duplaix.
Kering’s portfolio of high-end brands includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, and Boucheron, among others.
The transaction reflects a broader strategy by Kering to monetize valuable real estate holdings while maintaining access to prime retail locations.
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