Kering and Ardian finalize a landmark joint venture for a premier New York property
Kering and Ardian have announced the immediate execution of a joint venture agreement concerning the Kering property at 715-717 Fifth Avenue in New York City. This standout location sits on a globally renowned avenue and features multiple levels of luxury retail space totaling about 115,000 square feet (roughly 10,700 square meters).
Following a partnership established earlier this year, the asset will be contributed by Kering to a newly formed joint venture with Ardian, which will own a 60% stake while Kering retains 40%. Kering’s stake in the venture will be recorded using the equity method as of today.
The deal values the transaction at USD 900 million (EUR 766 million), with net proceeds for Kering amounting to USD 690 million (EUR 587 million).
Jean-Marc Duplaix, Kering’s Chief Operating Officer, commented: “As we advance our strategy for managing the real estate portfolio, we are continuing our successful collaboration with Ardian. Similar to the Paris investment agreement already signed, this arrangement secures another long-term, highly visible retail site for our Houses while strengthening our financial flexibility.”
Stéphanie Bensimon, a member of Ardian’s Executive Committee and Head of Real Estate, added: “We’re excited to extend our partnership with Kering. 715-717 Fifth Avenue provides exceptional visibility and enduring value. This marks Ardian’s first real estate investment in the United States and represents a strategic expansion into a highly attractive market.”
Omar Fjer, Head of Real Estate France and Ardian Managing Director, concluded: “This transaction demonstrates Ardian’s capability in structuring innovative partnerships and securing assets with strong fundamentals. We are fully committed to acquiring and managing ultra-prime assets in the most coveted locations, delivering lasting value for our stakeholders.”
About Kering
Kering is a global, family-led luxury group home to brands that excel in ready-to-wear and couture, leather goods, jewelry, eyewear, and beauty. Its portfolio includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, plus Kering Eyewear and Kering Beauté. Building on its creative heritage, Kering’s Houses design and craft exceptional products and experiences aligned with the Group’s commitment to excellence, sustainability, and culture. The motto “Creativity is our Legacy” embodies this vision. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.
Contacts
Press
Emilie Gargatte +33 (0)1 45 64 61 20 emilie.gargatte@kering.com
Caroline Bruel +33 (0)1 45 64 62 53 caroline.bruel-ext@kering.com
Analysts/investors
Philippine de Schonen +33 (0)6 13 45 68 39 philippine.deschonen@kering.com
Aurélie Husson-Dumoutier +33 (0)1 45 64 60 45 aurelie.husson-dumoutier@kering.com
About Ardian
In a world characterized by constant change, Ardian stands out for its ability to anticipate, adapt, and convert challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals, Ardian offers investment solutions tailored to evolving economic dynamics, helping clients stay resilient. With deep local expertise and a long-term perspective, Ardian aims to deliver value for investors and partners and create positive impact across the industry. Since its founding in 1996, Ardian has pursued diversification and scale, delivering value through commitment, knowledge, and technology. Ardian currently manages or advises about $196 billion for more than 1,890 clients across Private Equity, Real Assets, and Credit. Ardian. Mastering change for lasting value.
ardian.com
Press
Headland ardian@headlandconsultancy.com
