Kering has sold 100% of its activities related to the American fund Simon The Mall Luxury Outlets. Founded in 2001, The Mall manages two prestigious luxury outlets in Italy: one in Leccio, near Florence, and the other in Sanremo, on the Ligurian Riviera. According to the French group, this sale, considered non-strategic, will bring a net revenue of approximately 350 million euro.
Simon is a fund specializing in the management of high-end properties dedicated to shopping, dining, entertainment and mixed-use projects. The company is included in the index S & P 100 and boasts a strong presence in the retail sector.
Despite the sale, Kering brands, including Gucci, Saint Laurent, Balenciaga and Bottega Veneta, will continue to be present in the outlets, in line with the group's strategy of concentrating outlet distribution in a select number of exclusive locations.
In its latest annual report, Kering counted approximately 49.000 employees and a turnover of 19,6 billion euros. However, the group recorded a decline in sales of 15% in the third quarter of last year, with Gucci declining by 26%, while Bottega Veneta showed a counter-trend growth. Quarterly turnover stood at 3,78 billion euros, reaching 12,8 billion euros in the first nine months of the year.
