Kering has bought an iconic building in New York for 885 million euros

New acquisition for Caring. And not least. The French luxury group has just acquired a 10,700 square meter building at prestigious 5.^E Avenue in New York. Transaction amount? 885 million euros.

The building, which includes luxury boutiques on several levels, is located at 715-717 New York Avenue, at the corner of 56th Street and directly across from Trump Tower, where Kering has leased a space since 2008. boutique for its flagship brand Gucci.

A “selective real estate” strategy

“This investment represents a new step in Kering’s preferred real estate strategy, which aims to secure prime and highly desirable locations for its Maisons,” the group said in a press release.

Kering (Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen brands, etc.), which achieved a turnover of 20.4 billion euros in 2022 and was due to publish its financial results for 2023 on February 8, recently acquired prominent properties in Paris, Avenue Montaigne and rue De Castiglione. The group’s real estate portfolio also includes Omotesando, an iconic property in Tokyo, as well as Hotel de Nocey, which houses the historic Maison Boucheron boutique in Paris.

“In line with its long-term financial strategy, Kering intends to implement a disciplined and flexible approach to the management of its real estate portfolio,” the group added.

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