Kering Sells Majority Stake in Fifth Avenue Retail for US$690M

Gucci owner Kering has sold a 60% stake in 715-717 Fifth Ave. to private equity firm Ardian. With Ardian paying $690 million for a majority interest in the property, 715-717 Fifth is valued at $900 million, down from the $963 million Kering paid in 2024.

Under terms of the agreement announced Tuesday, Kering is contributing the multi-level, 115,000-square-foot Fifth Avenue retail property to a newly created joint venture with Ardian. The two companies executed a similar arrangement earlier this year, with Kering selling a majority stake in three of its Paris real estate assets to Ardian for €837 million, or approximately US$984 million.

“Like the investment agreement already signed in Paris, this transaction allows us to secure another long-term, highly prominent retail location for our Houses while enhancing our financial flexibility,” said Jean-Marc Duplaix, Kering COO.

Other Kering brands include Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni and Boucheron, among others.

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