Gucci Owner Buys Fifth Avenue Property in New York City for $963 Million
23 January 2024 - 5:02AM
Dow Jones News
By Mauro Orru
The owner of Gucci and Yves Saint Laurent is acquiring property
comprising multi-level luxury retail spaces in New York City's
Fifth Avenue for almost $1 billion, expanding its retail locations
in one of the world's most iconic avenues.
Kering said Monday that it had agreed to pay $963 million for
the roughly 115,000 square foot property in a push aimed at
securing what it called highly desirable locations for its fashion
houses. The group recently acquired property on Avenue Montaigne
and Rue de Castiglione in Paris, France.
"With this transaction, Kering acquires exceptional retail
locations on one of the world's most iconic avenues," the company
said.
The announcement comes as Kering and the wider luxury-goods
industry grapple with slowing sales globally after years of strong
results following the pandemic.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
January 22, 2024 12:47 ET (17:47 GMT)
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