Core Insights - Kering and Ardian have finalized a joint venture agreement for a prominent property located at 715-717 Fifth Avenue, New York City, encompassing approximately 115,000 sq. ft (10,700 sq. m) of luxury retail space [2][3] - Kering will hold a 40% stake in the joint venture, while Ardian will hold 60%, with the transaction valued at USD 900 million (EUR 766 million) and net proceeds for Kering amounting to USD 690 million (EUR 587 million) [3][4] - This partnership is part of Kering's strategy to enhance its real estate portfolio and financial flexibility, while Ardian views this investment as a strategic expansion into the U.S. market [4][5] Company Overview - Kering is a global luxury group with a diverse portfolio of brands including Gucci, Saint Laurent, and Bottega Veneta, generating revenue of €17.2 billion in 2024 and employing 47,000 people [6] - Ardian is a global private markets firm managing or advising $196 billion for over 1,890 clients, focusing on providing investment solutions that adapt to new economic dynamics [10]

Core Insights - The company raised its forecast for FY 2025 direct result per share (DRPS) to € 1.75-1.85 from € 1.70-1.80 [2] - The company sold € 108 million of non-core assets at book value [2] - There was a 6% like-for-like net rental income growth and a 2% increase in retailer sales within the core portfolio [2] - The debt profile was strengthened through a € 125 million refinancing, which included an inaugural European Private Placement (EUPP) [2] - Fitch reaffirmed the company's credit rating at BBB with a stable outlook [2] - The company established its first Dutch joint venture with Sofidy for the Stadshart Zoetermeer project [2] - Transformations for the 2025 Full Service Centers in Kronenburg and Nivelles are on track regarding costs and lettings [2] - The company is actively screening acquisition opportunities in Belgium and Luxembourg [2]