Gucci's parent company, Kering Group, will sell a majority stake in a Fifth Avenue property in New York City to private equity group Ardian for US$690 million. The luxury group is continuing to divest assets to improve its financial position. The two French companies said on Tuesday that Kering will keep 40% of the property's shares and inject the remaining 60% into a new joint venture with Ardian. The two companies added that the property on Fifth Avenue in New York City has a total of 115,000 square feet of luxury retail space. The two companies said the deal was worth $900 million, and Kering Group's net profit from the deal was $690 million. Kering said the deal is part of its real estate strategy, which aims to secure well-known retail locations for its brands while enhancing financial flexibility. Ardian said the Fifth Avenue property deal marks its first real estate investment in the US.

Gucci's parent company, Kering Group, will sell a majority stake in a Fifth Avenue property in New York City to private equity group Ardian for US$690 million. The luxury group is continuing to divest assets to improve its financial position. The two French companies said on Tuesday that Kering will keep 40% of the property's shares and inject the remaining 60% into a new joint venture with Ardian. The two companies added that the property on Fifth Avenue in New York City has a total of 115,000 square feet of luxury retail space. The two companies said the deal was worth $900 million, and Kering Group's net profit from the deal was $690 million. Kering said the deal is part of its real estate strategy, which aims to secure well-known retail locations for its brands while enhancing financial flexibility. Ardian said the Fifth Avenue property deal marks its first real estate investment in the US.