Kering and Ardian close joint venture for Fifth Avenue flagship asset

Kering and alternative investment firm Ardian have finalized a joint venture agreement for the property located at 715–717 Fifth Avenue in New York, one of the most prestigious luxury retail addresses globally.  

The asset, comprising approximately 115,000 square feet of multi-level retail space, has been contributed to a newly formed joint venture in which Ardian holds a 60% stake, while Kering retains the remaining 40%. Kering will account for its interest using the equity method.  

The transaction values the property at USD 900 million (around EUR 766 million) and generates net proceeds of USD 690 million (approximately EUR 587 million) for the French luxury group.  

The deal follows a similar real estate partnership between the two groups in Paris and is part of Kering’s broader strategy to optimize its property portfolio, secure long-term access to prime retail locations for its brands, and enhance financial flexibility.  

For Ardian, the transaction marks its first real estate investment in the United States and signals its entry into the New York luxury retail market, which the firm views as offering strong long-term fundamentals.