Kering Nears Sale of Milan Luxury Property to Qatari Royal Investor

French luxury group Kering is holding advanced negotiations to sell a majority stake in its landmark 18th-century property on Milan’s Via Montenapoleone to a vehicle linked to former Qatari prime minister and real-estate investor Hamad bin Jassim bin Jaber Al-Thani, according to Italian daily Corriere della Sera. Kering bought the building from Blackstone for about €1.3 billion in April 2024. A sale at a similar valuation would allow the Gucci owner to chip away at net debt that swelled to more than €10 billion following a string of acquisitions and sluggish sales at its flagship label. The talks come as former Renault chief executive Luca de Meo prepares to take over as Kering’s CEO in September, facing investor pressure to strengthen the balance sheet and revive growth. Kering and representatives of Al-Thani declined to comment on the report.