Kering Sells The Mall Luxury Outlet to Simon for €350 million
Kering has completed the sale of its luxury outlet business, The Mall Luxury Outlets, to American real estate giant Simon.
The sale includes 100% of The Mall Luxury Outlets entity previously owned by Kering.
Founded in 2001, the mall operates two high-end outlet stores in Italy, one near Florence and the other in Sanremo.
Simon, a global leader in shopping and retail real estate, will take over operations and continue to operate the luxury outlet center.
Its brands will retain a presence in these stores as part of Kering’s strategy to streamline its store distribution to a limited number of premium locations.
The transaction is in line with Kering’s ongoing efforts to divest non-core assets and strengthen its position in the luxury sector.
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