Gucci Owner Kering Buys Property in Milan Fashion District for Around $1.4 Billion

By Mauro Orru

Kering is buying a historic building in Milan's fashion district for roughly 1.3 billion euros ($1.41 billion), expanding its presence in one of the world's most iconic avenues.

The owner of Gucci and Yves Saint Laurent said Thursday that the 18th century building in the city's famous Quadrilatero della Moda includes more than 5,000 square meters (53,820 square feet) of retail space, making it one of the largest in high-end shopping street Via Monte Napoleone.

The group is acquiring the company that owns the property on Via Monte Napoleone 8 from a subsidiary of Blackstone Property Partners Europe, part of Kering's push to secure what it calls highly desirable locations for its fashion houses.

The deal comes nearly three months after the group said it was buying property comprising multilevel luxury retail spaces in New York City's Fifth Avenue for almost $1 billion.

Write to Mauro Orru at [e-mail]

(END) Dow Jones Newswires

04-04-24 0303ET