By acquiring one of the most important locations on via Monte Napoleone, François-Henri Pinault’s luxury group confirms its commitment to Italy and its strategy of securing real estate.
Kering’s heart sways between France and Italy…
Like the fashion and luxury sector, whose roots are deeply rooted in these two countries, Kering is investing on both sides of the Alps, in terms of Houses, talent and locations.
Already engaged with luxury leader Lvmh in a growing real estate tug-of-war in Paris, Kering has just announced the purchase of an “emblematic building steeped in history located on via Monte Napoleone 8”, in Milan, Italy’s fashion capital.
The transaction, carried out with a subsidiary of Blackstone Property Partners Europe, cost around 1.3 billion euros.
Selective real estate strategy
The 18th-century building acquired by Kering is located “at the most prestigious corner of the Quadrilatero della Moda“. Its commercial potential is significant, with 11,800 m2 of gross floor area spread over five floors, including “over 5,000 m2 of retail space, making it one of the most important in via Monte Napoleone”, Kering points out in its press release.
Milan’s main shopping street, home to many luxury brands (Versace, Armani, Valentino, Gucci, Prada, Rolex, Dior…), Via Montenapoleone has been identified by the world’s leading real estate professional, Cushman & Wakefield in 2023 as the second most expensive shopping street in the world, at $1,766 per square foot, just behind New York’s Fifth Avenue at $2,000 per square foot.
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Read also > KERING INAUGURATES ITS NEW ITALIAN HEADQUARTERS IN CENTRAL MILAN
Featured Photo: © Press
