Kering, a French luxury fashion brand, recently announced its acquisition of a New York City building with multi-level premium retail spaces for US $ 963 million. According to the company’s announcement, the property, which is roughly 115,000 square feet, is located at 715-717 Fifth Avenue, on the Southeast corner of 56th Street in New York.
This purchase, the firm stated, is another milestone in Kering’s select real estate strategy, which aims to secure crucial, highly desired sites for its Houses.
In addition to newly purchased prominent buildings on Avenue Montaigne and rue de Castiglione in Paris, the group’s portfolio includes iconic holdings in Tokyo’s Omotesando and the Hôtel de Nocé, which houses Boucheron’s Paris flagship.
