OREANDA-NEWS  Kering, which owns Gucci and Balenciaga, has acquired a building on Manhattan's Fifth Avenue, located opposite Trump Tower, for $ 963 million. Bloomberg writes about this.

The company called the purchase of a building with an area of 10.7 thousand square meters, which has several levels of retail space, another step in the implementation of a strategy aimed at obtaining the "most attractive places" for its stores. Last month, Prada spent $835 million to purchase two properties located on the same street, the article notes.

In turn, Kering has acquired other large retail facilities in recent years, including premises on Avenue Montaigne and Rue Castiglione in Paris. The company also owns buildings in Tokyo's Omotesando district.

Earlier it became known that the Kering group, founded and headed by billionaire Francois-Henri Pinault, invested in the resale service of used bags and clothing Vestiaire Collective. The luxury goods manufacturer pointed out that the purchase of used items is a new trend that has taken root among young people, Forbes wrote.