Kering, the French conglomerate run by Luca de Meo, has announced the sale of 80% of the building on Via Montenapoleone 8, in Milan, for around 1.1 billion euros. The buyer is Al-Mirqab, which is led by Hamad bin Jassim bin Jaber Al Thani. Kering will receive 729 million euros at closing, followed by a deferred payment of 432 million euros over five years. The deal is one of the most significant in recent years in Europe's premium retail real estate market, as well as one of Italy's greatest investments in a single building. Kering, which owns premium brands including Gucci, Bottega Veneta, Balenciaga, and Saint Laurent, sold 60% of a building at 715-717 Fifth Avenue in New York in December for $766 million. The sale of real estate is associated with an increase of debt: in only a few years, Kering has spent $14 billion to acquire iconic brands and assets. However, these operations have fuelled the group’s debt, which has reached €10.5 billion, in a context of significant slowdown in demand for luxury goods. Gucci, the flagship brand, closed 2025 with revenues down 22% over the year to €6 billion.