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Story summary
- Kering SA, owner of Gucci, has sold a 60% stake in its New York property at 715-717 Fifth Avenue to Ardian for $690 million, part of a strategy to reduce debt.
- The property is valued at $900 million, with Kering retaining a 40% stake.
- Kering faces declining luxury demand, especially in China, and aims to improve its financial position through asset sales.
- Earlier in 2023, Kering sold a majority stake in Paris real estate to Ardian for €837 million.
- Kering also plans to sell its beauty division to L'Oreal for $4.7 billion.
