Kaiyun Group sells equity of property on Fifth Avenue, receives 690 million US dollars.

The Gucci parent company, Kering Group, will sell a majority stake in a property on Fifth Avenue in New York City to the private equity group Ardian for $690 million. The luxury goods group is continuing to divest assets to improve its financial situation. The two French companies announced on Tuesday that Kering Group will retain a 40% stake in the property and inject the remaining 60% into a joint venture newly formed with Ardian. The 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 transaction was valued at $900 million, with a net profit of $690 million for Kering Group. Kering Group stated that the transaction is part of its real estate strategy, which aims to ensure prestigious retail locations for its brands while enhancing financial flexibility. Ardian stated that the Fifth Avenue property transaction marks its first real estate investment in the United States.