Kering Completes Sale of The Mall Luxury Outlets to Simon
Kering Completes the Sale of The Mall Luxury Outlets
Kering and Simon are excited to share the news about the completion of the deal regarding The Mall Luxury Outlets. In this strategic move, Kering has sold 100% of its interests in The Mall entities to Simon, a prominent real estate investment trust in the United States known for its outstanding shopping, dining, and entertainment destinations.
Understanding The Mall Luxury Outlets
The Mall, which opened its doors in 2001, features two remarkable luxury outlet locations in Italy. One is nestled in Leccio, not far from Florence, while the other is found in the picturesque Sanremo on the Italian Riviera. Together, these outlets have established themselves as key players in the luxury shopping landscape of Italy, attracting visitors from around the world looking for high-end brands at reduced prices.
This sale is a part of Kering's broader strategy to enhance its portfolio by focusing on core assets. By divesting these non-core assets, Kering looks to streamline operations while optimizing financial resources.
Financial Impact on Kering
This strategic divestment allows Kering to generate significant financial returns, with net proceeds from the sale expected to be approximately €350 million. This capital will enable Kering to reinvest in its core luxury brands and further enhance its market presence.
Simon’s Role in the Future of The Mall
Simon is well-positioned to continue the legacy of The Mall Luxury Outlets successfully. As a leading operator of shopping and entertainment venues worldwide, Simon's expertise in managing premier retail destinations will ensure that The Mall remains a vibrant and attractive shopping hub for luxury consumers.
Through this acquisition, Simon will uphold the operational excellence and customer service synonymous with The Mall, bringing new experiences and opportunities to visitors.
Kering's Commitment to Luxury and Sustainability
Kering is not just a business entity; it's a representation of luxury and creativity. The company houses some of the most renowned brands in fashion, leather goods, and jewelry, including Gucci and Saint Laurent. Kering's mission emphasizes sustainable practices to ensure a brighter future for the luxury industry.
The Expansion of Kering’s Brand Presence
Despite this sale, Kering's brands will continue to have a strong presence in these high-end shopping locations. The strategic approach Kering implements aims to gradually concentrate its outlet distribution to exclusive venues, thus enhancing brand prestige and customer experience.
About Kering
As a global Luxury group, Kering manages a portfolio of esteemed Houses such as Balenciaga, Brioni, and Boucheron, among others. By placing creativity at the forefront, Kering is committed to reimagining luxury in a sustainable manner. The group firmly believes in empowering imagination and delivering products that reflect innovative craftsmanship. In its latest reports, Kering has demonstrated impressive growth, with a revenue of €19.6 billion and a workforce of 49,000 employees.
Contacts for Further Information
For additional information regarding this milestone event:
Press Inquiries:
Emilie Gargatte, +33 (0)1 45 64 61 20, emilie.gargatte@kering.com
Marie de Montreynaud, +33 (0)1 45 64 62 53, marie.demontreynaud@kering.com
About Simon
Simon is a leading real estate investment trust engaged in the ownership of premier shopping, dining, and entertainment destinations. As an S&P 100 company (Simon Property Group, NYSE: SPG), Simon manages properties that serve as community gathering places, generating substantial revenues annually.
Frequently Asked Questions
What was the reason for Kering's sale of The Mall Luxury Outlets?
Kering sold The Mall Luxury Outlets to streamline operations and focus on core assets, generating significant financial returns for further investments.
How much did Kering earn from the sale?
Kering is expected to generate approximately €350 million in net proceeds from the sale of The Mall Luxury Outlets.
What is the significance of Simon in this transaction?
Simon is a well-established real estate investment trust capable of ensuring the continued success and operational integrity of The Mall Luxury Outlets.
What brands are part of the Kering group?
Kering manages a range of prestigious brands including Gucci, Saint Laurent, Balenciaga, and many more across various luxury sectors.
How does Kering ensure sustainable luxury?
Kering's strategy incorporates sustainable practices in its operations, promoting responsible craftsmanship and creativity in its luxury offerings.
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