Kering sells The Mall Luxury Outlets, two Italian luxury outlet villages

"The Mall, founded in 2001, operates two outlet destinations in Italy, one in Leccio, near Florence, and the other in Sanremo, on the Italian Riviera," the two companies stated in their press release.

Simon, "a global leader in the management of shopping centers, restaurants and entertainment venues, is ideally positioned to ensure the continued development of The Mall's business," the statement said.

Kering's brands (Gucci, Saint Laurent, Bottega Veneta, etc.) "will maintain a presence in these two high-end shopping destinations," but the strategy of François-Henri Pinault's group is to gradually reduce its presence in this type of store in "a limited number of very exclusive destinations."

In mid-January, the French group announced the signing of an agreement with the investment company Ardian for the sale of €837 million of real estate assets in Paris.

This portfolio of assets, in which Kering will retain a 40% stake, includes the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne, some of the most sought-after addresses in the capital.

Struggling Kering reported a 15% year-on-year decline in third-quarter sales in October, weighed down by Gucci. The group now forecasts a sharp decline in operating profit for 2024.