New York Post
5 months agoNYC real estate
Gucci owner pays nearly $1B to scoop up tower on red-haute Fifth Avenue
Gucci's owner, Kering, purchased a prime Fifth Avenue retail property for $963 million, potentially displacing rival fashion house Armani from its flagship location.
This purchase is part of Kering's strategy to secure key, highly desirable locations for its brands.
Foreign companies, particularly from Europe, are buying up retail properties on Fifth Avenue due to the prestige and long-term value they offer. [ more ]