Gucci, for sale (also) the building in Fifth Avenue in New York: almost a billion is worth

Gucci puts the building in Fifth Avenue in New York for sale. Keringwho owns the Italian fashion brand, is In exclusive negotiations with the French private equity group Ardian to give in a share in a prestigious building on Fifth Avenue Purchased just over a year ago, he anticipated the Reuters news agency. The negotiations are part of the large strategy of the French luxury group that aims to Reduce costs and to sell shares in valuable properties to help reduce the heavy debtat a time when the sector is struggling with the drop in demand.

A building with almost one billion

Kering, led by CEO Francois-Henri Pinault, purchased Fifth Avenue 715-717 in January 2024 for 963 million dollarsensuring an exclusive location in one of the most famous shopping streets in the world.
The property extends for about 10,700 square meters in several stores.
Kering’s net debt has risen to 10.5 billion euros at the end of 2024 from almost zero three years earlier, Following a shopping wave that saw about 4 billion spent in prominent properties in New York, Milan and Paris. Deputy CEO Jean-Marc Duplaix said at the beginning of the year that Kering plans to collect 2 billion or more in the next two years through real estate transactions.

The sale in Montenapoleone

Fifth Avenue is only the last of a series of Kering real estate operations, looking for investors for its real estate assets in fashion capitals. In January the French group sold 60% of the Ardian fund Three properties in the prestigious Place Vendôme and Avenue Montaigne in Paris collecting 837 million. And for sale there would also be Montenapoleone 8 In Milan, purchased in April 2024 always Kering for a value of about 1.3 billion euros. Located in one of the most important crossings of the fashion quadrilateral, the eighteenth -century palace develops on five floors, for a total of 11,800 square meters of gross surface.