Kering invests €1.3 billion in Milan real estate
Luxury group Kering has confirmed its acquisition of a building on Milan’s main high-end shopping street, Via Monte Napoleone.
The Paris-based group is the new owner of an eighteenth-century building at Monte Napoleone, 8. The building has five floors and a combined area of 11,800 square-metres, of which 5,000 square-metres will be retail space.
This will give Kering one of the largest shopping spaces in Milan’s famous Quadrilatero luxury shopping district. It made the purchase from property group Blackstone Partners and confirmed it had paid approximately €1.3 billion. The Financial Times has reported that this is the biggest property deal in Europe since 2022.
One of its brands, Saint Laurent, already has an extensive store at Monte Napoleone, 8. Another luxury brand, Prada, also has a store at this address. A variety of smaller businesses occupy other parts of the building.
Kering’s biggest brand, Gucci, has had a flagship store immediately across the street, at Monte Napoleone, 7, since 1951. This store recently underwent extensive refurbishment before reopening in December (see image).
Until the start of this year, this building also housed the appointment-only women’s store of high-end footwear brand Giuseppe Zanotti, but in January the company moved its women’s collections along the street to number 22, where its men’s store was.
This acquisition comes 11 months after Kering established a new headquarters for all of its operations in Italy in the Palazzo Pertusati on Milan’s Via Senato. Prominent Italian brands, including Gucci and Bottega Veneta, are also part of the Kering group and it employs a total of 13,000 people in Italy.
