The French luxury group announced yesterday that it had acquired a building on 5th Avenue in New York for $963 million. The move is part of the group’s commitment to securing key locations for its prestigious fashion houses. The transaction strengthens Kering’s position in the luxury industry and reflects its commitment to disciplined management of its real estate portfolio.
Kering has taken a significant step forward in its real estate strategy. On Monday January 22, the French luxury group announced the acquisition of a 10,700 square metre building on New York’s legendary 5th Avenue.
This latest acquisition is in line with the group’s strategy of securing key, highly desirable locations for its prestigious fashion houses.
The colossal sum paid by Kering for this acquisition amounts to $963 million (€885 million).
The building in question, comprising luxury retail space spread over several levels, is located at 715-717 5th Avenue, at the corner of 56th Street. This strategic position places it directly opposite Trump Tower, where Kering has been leasing space for its flagship Gucci brand since 2008.
Selective real estate strategy
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Featured photo : © CoStar
