Fashion conglomerate Kering has announced the acquisition of a significant property in the heart of New York City, located at 715-717 Fifth Avenue, for a total of $963 million. The multi-level luxury retail spaces cover an expansive 115,000 square feet on the Southeast corner of 56th Street, making this strategic move a major presence on one of the world’s most iconic avenues.
The acquisition positions Kering as a key player in the heart of New York City, providing a unique opportunity to expand its footprint. The property is expected to serve as a flagship location for some of Kering’s prestigious fashion houses, reflecting the company’s commitment to securing prime real estate in key fashion capitals.
In a statement, Kering highlighted that this investment is part of its selective real estate strategy, aiming to secure highly desirable locations for its Houses. This move follows recent acquisitions in Paris, including prime properties on Avenue Montaigne and Rue de Castiglione.
The newly acquired property on Fifth Avenue joins other landmark assets in Kering’s portfolio, such as those in Tokyo’s Omotesando and the historic Hôtel de Nocé, which houses Boucheron’s Paris flagship.
