Kering has sold its stake in the group of Italian-based luxury brand villages, The Mall Luxury Outlets, for 350 million euros. These assets have been transferred to the American real estate investment company Simon Property Group.
Luxury Goods’ Number Two continues to replenish its cash position and strengthen its margins with the sale of its entire stake in The Mall Luxury Outlets, a retail group operating brand villages in Italy, to the investment fund Simon Property Group.
The joint announcement, published at the end of January, came one week after the sale of majority stakes in three of its Paris real estate properties.
In early January 2025, the group headed by François Henri-Pinault announced that it was considering the creation of a new real estate entity, which would enable it to separate its luxury activities from its real estate properties and thus dilute risks.
Brand villages anchored in Italy
The Mall Luxury Outlets operates two luxury brand villages in Italy, one in Leccio, on the outskirts of Florence and the other in Sanremo, on the Italian Riviera (Liguria), between Menton and Genoa.
While Kering is transferring its assets, it is not severing its partnership with the corresponding brand villages, and announces in a press release that its brands (Gucci, Saint Laurent, Bottega Veneta…) “will retain a presence in these two high-end shopping destinations”.
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Read also > Kering plans real estate company to reduce debt
Featured Photo: The Mall Luxury Outlets Firenze, located in Luccio, not far from Florence © The Mall Luxury Outlets
