Kering is holding advanced talks with Qatar’s royal family to sell a Milan luxury property, Italian newspaper Il Corriere della Sera said.
Kering may sell a majority stake in the company that owns the building it bought in 2024 for €1.3 billion ($1.5 billion), the newspaper reported, without saying where it obtained the information.
Kering declined to comment on the report. Qatar Investment Authority wasn’t able to comment immediately. In April, it had been reported to be interested though the sovereign wealth fund denied the reports at the time.
The French luxury company is working to sell properties in New York, Milan and Paris, it said in July as it announced a 15 percent sales plunge in the second quarter.
Kering is beginning a new era with the scheduled arrival in mid-September of Chief Executive Officer Luca de Meo, who previously held the same role at automaker Renault. Francois-Henri Pinault, son of Kering’s billionaire founder Francois Pinault, will stay on as chairman after handing over the CEO reins when de Meo arrives.
By Tara Patel and Tommaso Ebhardt
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The Gucci and Saint Laurent owner is splitting its chairman and CEO roles, bringing in Luca de Meo, a turnaround expert who has revived multiple automotive brands, to support the Pinault family.
