Rome (Reuters) – Kering is in negotiations with a member of the Royal Family of Qatar for the sale of a building located in the largest shopping avenue in Milan, reports the Italian daily Corriere Della will report on Saturday.
This transaction could help the French luxury group to reduce its debt, which reached more than 10 billion euros in 2024, following a series of expensive acquisitions.
Among them, an 18th century property located via Monte Napoleone, in Milan, which Kering bought from Blackstone for 1.3 billion euros in April 2024.
According to the Corriere della will be, Kering plans to sell a majority participation in the company which holds the building on the basis of a “similar valuation”.
The newspaper adds that the buyer would be a vehicle linked to the former Qatari Prime Minister and billionaire of real estate Hamad Ben Jassem Ben Jaber Al Thani.
Kering did not wish to comment and Hamad ben Jassem ben Jaber Al Thani was not reachable immediately.
In April, when the Corriere Della was mentioned for the first time the possibility of an agreement between Qatar and Kering concerning the Via Monte Napoleone building, Qatar Investment Authority denied taking an interest in it.
Kering, who appointed the former director general of Renault Luca de Meo to his head from September, is under pressure to reduce his debt and revive his sales down, in particular those of his flagship brand Gucci.
(Report Alvise Armellini in Rome, with Layli Fouroudi in Paris, Benjamin Mallet)
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