Kering Sells Italian Luxury Outlets for €350 Million
French luxury group Kering sold its Italian The Mall Luxury Outlets to U.S. investor Simon for approximately 350 million euros. This sale is part of Kering's strategy to restructure its real estate portfolio while maintaining a presence in locations near Florence and Sanremo.
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In a strategic move to restructure its real estate portfolio, French luxury group Kering announced that it has sold its Italian The Mall Luxury Outlets to U.S. real estate investor Simon.
The sale, which brought in net proceeds of around 350 million euros, highlights Kering's focus on optimizing its property holdings.
Despite the divestment, Kering confirmed that its brands will continue to have a presence in the prominent retail locations near Florence and Sanremo.
(With inputs from agencies.)
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