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Kering sells stake in landmark Paris buildings to Ardian

The deal will net the struggling owner of the Gucci fashion label €837 million.

Angelina Rascouet

The Paris-listed group warned last month that its annual profit will fall to its lowest level since 2016 on weak demand for its products, notably...

LVMH’s American depositary receipts dropped as much as 10% in New York after the announcement.

Gucci owner Kering entrusts former LVMH executive to lead a turnaround at the French group’s biggest label.

The 10-year tie-up could be worth more than $1 billion with annual sponsorship fees topping $100 million.

Kering has been hit by an industry slowdown as it struggles to revive Gucci, the Italian label that accounts for about two thirds of its profit.