French luxury conglomerate Kering, renowned for its high-end brands such as Gucci and Balenciaga, has invested $963 million in acquiring a retail property on Manhattan’s prestigious Fifth Avenue. This purchase is part of a series of strategic property acquisitions in prominent shopping districts globally.
The acquired luxury retail space spans 115,000 square feet across multiple levels and is situated at 715-717 Fifth Ave. on the southeast corner of 56th Street, as announced in a statement by the Paris-based company on Monday.
“With this transaction, Kering secures exceptional retail locations on one of the world’s most iconic avenues,” stated Kering. “This investment underscores Kering’s ongoing commitment to a discerning real estate strategy focused on obtaining key and highly desirable locations.
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