By Mauro Orru

The owner of Gucci and Yves Saint Laurent is acquiring property comprising multi-level luxury retail spaces in New York City's Fifth Avenue for almost $1 billion, expanding its retail locations in one of the world's most iconic avenues.

Kering said Monday that it had agreed to pay $963 million for the roughly 115,000 square foot property in a push aimed at securing what it called highly desirable locations for its fashion houses. The group recently acquired property on Avenue Montaigne and Rue de Castiglione in Paris, France.

"With this transaction, Kering acquires exceptional retail locations on one of the world's most iconic avenues," the company said.

The announcement comes as Kering and the wider luxury-goods industry grapple with slowing sales globally after years of strong results following the pandemic.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

January 22, 2024 12:47 ET (17:47 GMT)

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