In a monumental move, Kering, the parent company of luxury brand Gucci, has acquired a building in Milan’s prestigious Via Monte Napoleone for a staggering $1.4 billion. This landmark purchase sets a new record as Europe’s largest property deal since 2022.
Located on Italy’s most exclusive fashion street, the 18th-century building houses renowned brands such as Saint Laurent, Prada, and the LVMH-owned Cova patisserie. Its prime location makes it a coveted asset for luxury fashion brands aiming to solidify their presence in strategic fashion districts.
The acquisition from Blackstone Property Partners Europe aligns with Kering’s strategy to secure key locations for its high-end fashion houses. This investment follows Kering’s recent $963 million purchase of another building in New York, highlighting the company’s commitment to strategic real estate investments.
Despite its hefty price tag, the building’s prime location and potential for high rental income make it a valuable addition to Kering’s portfolio. With Milan’s Via Monte Napoleone ranking second in the world for shopping street rents, this acquisition further highlights the company’s strategic approach to securing prime real estate in global fashion hubs.
As luxury fashion brands continue to invest in captivating real estate to strengthen their global presence, Kering’s latest purchase reaffirms the brand’s position as a key player in the luxury fashion industry.
