Kering Withdraws Paris Properties from Sale: What It Means for Luxury Retail

In a surprising move, luxury giant Kering has decided to take two prime Paris properties off the market after listing them for sale just five months ago. The properties, located at 35 avenue Montaigne and 235 rue St Honoré, were initially acquired by Kering for extensive reconstruction, intending to transform them into flagship stores for Saint Laurent and Gucci. However, market conditions influenced by high interest rates and global concerns have led to Kering’s decision to withdraw the properties from sale. The move raises questions about the impact on luxury retail and Kering’s strategic real estate decisions.