The French luxury goods group Kering SA is bringing three prestigious properties in the center of Paris into a joint venture with the investment house Ardian. Both companies announced the conclusion of a corresponding agreement in a joint statement on Wednesday evening.
The Paris-based investment company Ardian will hold 60 percent of the shares in the new joint venture and Kering will hold the remaining 40 percent. The parent company of fashion houses such as Gucci, Saint Laurent and Bottega Veneta is transferring the Hôtel de Nocé at Place Vendôme 26 and buildings at 35-37 and 56 Avenue Montaigne to the joint venture and will receive net income totaling 837 million euros. The transaction is expected to be completed in the first quarter of the current year.
Jean-Marc Duplaix, Kering’s deputy CEO and chief operating officer (COO), praised the agreement. “We are very pleased about this partnership, which allows us to secure very prominent retail locations for the long term while maintaining our financial flexibility,” he explained. “In Ardian, a leading investment company, we have found a high-quality partner with whom we share French heritage and a common vision.”