French luxury group Kering said on Wednesday it had sold a majority stake in a property in Milan to Qatar’s Al Mirqab Group. The price is over one billion euros.
Kering announced it would take over the building in April 2024 for around 1.3 billion euros. In a statement on Wednesday, the group said it was “transferring this property to a newly formed public company, 80 percent owned by Al Mirqab Group and 20 percent owned by Kering.”
The group claims to have received 729 million euros upon completion of the transaction. The remaining 432 million euros will be paid five years later.
The 18th-century building sits on a corner of Milan’s Quadrilatero della Moda fashion district. It is “one of the most important on Via Monte Napoleone and occupies an emblematic position in the heart of the city’s most prestigious district,” Kering said in the statement.
The group explains that it wants to secure important locations for its brands while strengthening its financial flexibility.
Kering is in the midst of a restructuring and has previously announced similar partnerships. At the beginning of 2025, this affected a real estate portfolio in Paris. This included the Hôtel de Nocé on Place Vendôme and two buildings on Avenue Montaigne. As part of this transaction, the investment company Ardian acquired a 60 percent stake in this real estate portfolio. Kering retained the remaining 40 percent.
In December, Kering signed another agreement with Ardian to sell its Fifth Avenue building in New York for 766 million euros. Here too, Kering stated that it holds 40 percent of the company founded jointly with Ardian, while Ardian owns 60 percent.
The group’s net profit, which includes brands such as Gucci, Yves Saint Laurent and Balenciaga, fell more than tenfold in 2025. The company has been undergoing restructuring since the arrival of new general manager Luca de Meo in September. De Meo was previously boss at Renault.
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