Kering Negotiates Sale of Milan Luxury Property with Qatar | BoF

Kering is in advanced negotiations with Qatar's royal family to dispose of a luxury property located in Milan, according to reports from Italian newspaper Il Corriere della Sera. The company may consider selling a majority stake in the entity that owns the building, which it acquired in 2024 for €1.3 billion (approximately $1.5 billion). The source of this information has not been disclosed. Kering has declined to comment on these claims, and the Qatar Investment Authority was unable to provide immediate feedback. Previously, in April, there were rumors about Qatar's interest, which the sovereign wealth fund denied at the time. As part of its strategic moves, Kering announced in July that it is working on divesting properties in New York, Milan, and Paris, amid a 15% decline in sales during the second quarter. The company is entering a new phase with the upcoming appointment of Luca de Meo as CEO in mid-September; de Meo previously served as CEO of Renault. Meanwhile, Francois-Henri Pinault, the son of founder Francois Pinault, will remain as chairman after transferring the CEO role to de Meo. By Tara Patel and Tommaso Ebhardt Learn more: Why Kering Chose a Non-Fashion CEO for I...