Two years after acquiring four buildings for nearly €800m in Paris's Place Vendôme district, Kering still plans to open a giant Gucci store there. But the François-Henri Pinault-led luxury group wants to sell the properties to cut costs and keep only a minority stake.
Huge posters that cover almost a third of the facades of buildings on Paris's Rue de Castiglione, which links the Place Vendôme to the Tuileries Gardens, continue to proclaim: "Coming soon, your new Gucci store". Yet behind those impressive displays, a different kind of business is taking place. Glitz.paris has learned that Kering, Gucci's parent company, has been negotiating for several months to sell the majority of the property
