Kering buys a building on 5th Avenue in New York for nearly a billion dollars

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

“This investment represents a new step in Kering’s selective real estate strategy, aimed at securing key and highly desirable locations for its Maisons,” the group said in a press release.

“In addition to the recently acquired prominent properties on Avenue Montaigne and Rue de Castiglione in Paris, the group's real estate portfolio includes iconic assets in Omotesando, Tokyo, as well as the Hôtel de Nocé, which houses the historic Maison Boucheron boutique in Paris", details the company.

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

Kering (Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen brands, etc.), which achieved a turnover of 2022 billion euros in 20,4, is due to publish its financial results for 2023 on February 8.