In Milan, Kering spends €1.3 billion on the second most expensive street in the world

On 4 April, Kering (sales of €19.6 billion in 2023, down 2% in one year, and a net margin of 15.6% of sales, down 18%) announced the purchase of a building in Milan for €1.3 billion from Blackstone Property Partners Europe. In Montenapoleone, the 2nd most expensive street in the world according to Cushman & Wakefield (€17,480 per m2 in 2023, up by 20%), the five-storey building covers 11,800 m2 GLA, including 5,000 m2 of retail space, bought in 2021 for €1.1 billion. This is in the heart of...