An astronomical sum.
The French luxury group Kering announced on Monday the acquisition of a 10,700 m2 building on the prestigious 5th Avenue in New York for an amount of 963 million dollars (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 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.
Most expensive artery in the world
“In addition to the recently acquired high-profile 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,” explains the company.
New York's Fifth Avenue was the most expensive shopping street in the world in 2023, according to a ranking established each year by the company Cushman and Wakefield.
The Champs-Elysée occupied fifth place.
Led by François-Henri Pinault, the Kering group (Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen brands, etc.) achieved a turnover of 20.4 billion euros in 2022.
It is due to release its 2023 financial results on February 8.