Luxury brands from Gucci to Chanel are placing billion-dollar bets on in-store shopping [Business Insider]
KERING SA UNSP/ADR (PPRUY)
NASDAQ:AMEX Investor Relations:
kering.com/en/finance
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Source: Business Insider
The Journal reported Kering, which owns Gucci and Saint Laurent, spent $1.4 billion on a building in Milan. E-commerce surged during the pandemic, but luxury brands thrive in hands-on environments. While vacancies in retail real estate have surged since the pandemic, luxury brands from Gucci to Chanel are betting big bucks that their in-store experience will draw in shoppers for the long haul. Kering, which owns Gucci and Saint Laurent, recently spent $1.4 billion on a building in Milan's Via Montenapoleone, The Wall Street Journal reported. The purchase comes in addition to a $1 billion property acquisition on New York's Fifth Avenue made by the company in January, the outlet reported. Representatives for Kering did not immediately respond to a request for comment from Business Insider. Business Insider previously reported that Kering's investments are part of a selective real estate strategy meant to lock down highly desirable locations for its suite of leather goods, jew
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