Kering acquires prime Fifth Avenue property for $963 million

Kering announced on Monday the acquisition of a prime property in the heart of New York City for $963 million. 

The fashion conglomerate secured a building featuring multi-level luxury retail spaces spanning 115,000 square feet, at 715-717 Fifth Avenue, located on the Southeast corner of 56th Street. 

This strategic move positions Kering as a major player on one of the most iconic avenues globally, offering a unique opportunity for the conglomerate to expand its footprint in the heart of New York City. The acquired property is expected to serve as a flagship location for some of Kering’s prestigious houses. 

“This investment represents a further step in Kering’s selective real estate strategy, aimed at
securing key highly desirable locations for its Houses,” the fashion conglomerate said in a statement. 

This move follows recent acquisitions in Paris, including prime properties on avenue Montaigne and rue de Castiglione, showcasing the company’s dedication to securing prime real estate in key fashion capitals.

The newly acquired property on Fifth Avenue also joins other landmark assets that are part of Kering’s portfolio, including in Tokyo’s Omotesando, as well as the historic Hôtel de Nocé housing Boucheron’s Paris flagship. 

Kering’s portfolio includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, and Brioni, among others.