Kering and Simon® Announce The Completion Of The Sale Of 'The Mall Luxury Outlets'
Rhea-AI Summary
Kering and Simon® (SPG) have completed the sale of 'The Mall Luxury Outlets' entities to Simon. The transaction involves two luxury outlet destinations in Italy - one in Leccio near Florence and another in Sanremo. The deal will generate net proceeds of approximately €350 million for Kering.
The Mall, established in 2001, will continue to feature Kering's brands as part of their strategy to concentrate outlet distribution in select exclusive venues. Simon, as a leading operator of shopping destinations worldwide, will manage the continuous operation of these high-end shopping villages.
Kering, which reported revenue of €19.6 billion in 2023 and employs 49,000 people, manages luxury brands including Gucci, Saint Laurent, Bottega Veneta, and Balenciaga among others.
Positive
- Sale of non-core asset generates €350 million in net proceeds
- Strategic alignment with outlet distribution concentration strategy
- Maintains brand presence in premium outlet locations
Negative
- Divestment of revenue-generating luxury outlet assets
News Market Reaction – SPG
On the day this news was published, SPG gained 1.24%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
For Kering, the divestment of this non-core asset will generate net proceeds of approximately
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
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
View original content to download multimedia:https://www.prnewswire.com/news-releases/kering-and-simon-announce-the-completion-of-the-sale-of-the-mall-luxury-outlets-302364520.html
SOURCE Simon
FAQ
How much did Simon (SPG) pay for The Mall Luxury Outlets acquisition from Kering?
What assets are included in Simon's (SPG) acquisition of The Mall Luxury Outlets?
Will Kering brands continue to operate in The Mall Luxury Outlets after Simon's (SPG) acquisition?
When was The Mall Luxury Outlets founded before Simon's (SPG) acquisition?
What is Kering's strategy for outlet distribution following the sale to Simon (SPG)?
