INDIANAPOLIS and PARIS, Jan. 30,
2025 /PRNewswire/ --Kering and Simon®
today announced the finalization of the sale of 100% of The Mall
Luxury Outlets entities held by Kering to Simon, the US real estate
investment trust engaged in the ownership of premier shopping,
dining, entertainment destinations. The Mall, created in 2001,
operates two luxury outlet destinations in Italy, one in Leccio, nearby Florence, and the
other in Sanremo, on the Italian riviera.
For Kering, the divestment of this non-core asset will
generate net proceeds of approximately €350 million.
Simon, a world leading operator of shopping, dining and
entertainment assets worldwide, is ideally positioned to
successfully ensure the continuous operation of The Mall. Kering's
brands will maintain a presence in these two very high-end shopping
villages, the strategy implemented by Kering aiming at gradually
concentrating its outlet distribution to a limited number of
exclusive venues.
About Kering
A global Luxury group, Kering manages the development of a
series of renowned Houses in Fashion, Leather Goods and Jewelry:
Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato,
DoDo, Qeelin and Ginori 1735, as well as Kering Eyewear and Kering
Beauté. By placing creativity at the heart of its strategy, Kering
enables its Houses to set new limits in terms of their creative
expression while crafting tomorrow's Luxury in a sustainable and
responsible way. We capture these beliefs in our signature:
"Empowering Imagination". In 2023, Kering had 49,000 employees and
revenue of €19.6 billion.
About Simon
Simon® is a real estate investment trust engaged in the
ownership of premier shopping, dining, entertainment and mixed-use
destinations and an S&P 100 company (Simon Property Group,
NYSE: SPG). Our properties across North
America, Europe and
Asia provide community gathering
places for millions of people every day and generate billions in
annual sales.
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SOURCE Simon
