Latest news with #FrancoisHenriPinault
Yahoo
2 days ago
- Business
- Yahoo
Exclusive-Gucci owner Kering in talks to sell stake in $1 billion Fifth Avenue property, sources say
By Elisa Anzolin and Mathieu Rosemain PARIS/MILAN (Reuters) -Gucci owner Kering is in exclusive talks with buyout group Ardian about the sale of a stake in a prestigious Fifth Avenue building it bought just over a year ago, two people with direct knowledge of the matter told Reuters. The negotiations are part of the French luxury group's broad strategy to cut costs and sell stakes in prime real estate to help lower its heavy debt as the industry struggles with sagging consumer demand. Kering and Ardian declined to comment. Kering, controlled by family of CEO Francois-Henri Pinault, bought 715-717 Fifth Avenue in January 2024 for $963 million to secure a top retail location in one of the world's most popular shopping streets. The property stretches over 115,000 square feet across several stores. Kering's net debt soared to 10.5 billion euros ($12 billion) by the end of 2024, from close to zero three years earlier, following a shopping spree that saw roughly 4 billion euros spent on top properties in New York, Milan and Paris. Deputy CEO Jean-Marc Duplaix said earlier this year that Kering expects to raise 2 billion euros or more over the next two years through real estate transactions. Under a deal struck in January, Paris-based Ardian took a 60% stake in a joint venture with Kering containing three prestigious Paris properties, raising 837 million euros for the luxury group, which retained a 40% stake. The New York property discussions are also about the sale of a stake, said the sources, declining to comment on the value of the possible transaction or size of the stake under discussion. "We continue to work not to resell these assets, but to sell part of them and have a co-shareholder," Duplaix told shareholders in April. He added that the properties in Milan's Via Montenapoleone and on the Fifth Avenue were among the buildings under discussion, as well as real estate in Tokyo. Duplaix said that maintaining a presence in the main shopping streets was essential for Kering's brands, which also include Balenciaga and Saint Laurent. According to Cushman & Wakefield, Via Montenapoleone in Milan was the world's most expensive street for rents in 2024, followed by the upper-end of New York's Fifth Avenue. ($1 = 0.8756 euros)
Reuters
2 days ago
- Business
- Reuters
Exclusive: Gucci owner Kering in talks to sell stake in $1 billion Fifth Avenue property, sources say
PARIS/MILAN, June 5 (Reuters) - Gucci owner Kering ( opens new tab is in exclusive talks with buyout group Ardian about the sale of a stake in a prestigious Fifth Avenue building it bought just over a year ago, two people with direct knowledge of the matter told Reuters. The negotiations are part of the French luxury group's broad strategy to cut costs and sell stakes in prime real estate to help lower its heavy debt as the industry struggles with sagging consumer demand. Kering and Ardian declined to comment. Kering, controlled by family of CEO Francois-Henri Pinault, bought 715-717 Fifth Avenue in January 2024 for $963 million to secure a top retail location in one of the world's most popular shopping streets. The property stretches over 115,000 square feet across several stores. Kering's net debt soared to 10.5 billion euros ($12 billion) by the end of 2024, from close to zero three years earlier, following a shopping spree that saw roughly 4 billion euros spent on top properties in New York, Milan and Paris. Deputy CEO Jean-Marc Duplaix said earlier this year that Kering expects to raise 2 billion euros or more over the next two years through real estate transactions. Under a deal struck in January, Paris-based Ardian took a 60% stake in a joint venture with Kering containing three prestigious Paris properties, raising 837 million euros for the luxury group, which retained a 40% stake. The New York property discussions are also about the sale of a stake, said the sources, declining to comment on the value of the possible transaction or size of the stake under discussion. "We continue to work not to resell these assets, but to sell part of them and have a co-shareholder," Duplaix told shareholders in April. He added that the properties in Milan's Via Montenapoleone and on the Fifth Avenue were among the buildings under discussion, as well as real estate in Tokyo. Duplaix said that maintaining a presence in the main shopping streets was essential for Kering's brands, which also include Balenciaga and Saint Laurent. According to Cushman & Wakefield, Via Montenapoleone in Milan was the world's most expensive street for rents in 2024, followed by the upper-end of New York's Fifth Avenue. ($1 = 0.8756 euros)
CNN
3 days ago
- Entertainment
- CNN
Linda Evangelista and Salma Hayek are blended-family goals
It was a family affair at the recent graduation for Linda Evangelista's son, Augustin James. The supermodel shared photos of her 18-year-old son's high school graduation, which included photos of his father, billionaire businessman Francois-Henri Pinault and Pinault's wife, actress Salma Hayek. 'Then this happened. 🎓♥️✨🙏🏻 I'm one proud momma,' Evangelista wrote in the caption. 'Blessed blessed blessed…' Evangelista spoke with Vogue in 2023 about co-parenting with Hayek, who has been married to Pinault for more than 15 years. 'I was sick at Thanksgiving,' Evangelista told the publication. 'And Salma got on the plane with her daughter, came here, and made Thanksgiving dinner.' The model said her son's stepmother even 'asked what I wanted—it was a very eclectic wish list.' 'I wanted her Mexican chicken with truffled potatoes, and she spent the day in the kitchen and cooked it herself. No help,' Evangelista said. 'The kids helped her at the end. She made a feast—a beautiful, beautiful meal.' 'I had told her that I wasn't going to have Thanksgiving; I wasn't feeling well,' she added. 'And she said, 'Oh yes you are: I am coming.' And poof, she was here.'
CNN
3 days ago
- Entertainment
- CNN
Linda Evangelista and Salma Hayek are blended-family goals
It was a family affair at the recent graduation for Linda Evangelista's son, Augustin James. The supermodel shared photos of her 18-year-old son's high school graduation, which included photos of his father, billionaire businessman Francois-Henri Pinault and Pinault's wife, actress Salma Hayek. 'Then this happened. 🎓♥️✨🙏🏻 I'm one proud momma,' Evangelista wrote in the caption. 'Blessed blessed blessed…' Evangelista spoke with Vogue in 2023 about co-parenting with Hayek, who has been married to Pinault for more than 15 years. 'I was sick at Thanksgiving,' Evangelista told the publication. 'And Salma got on the plane with her daughter, came here, and made Thanksgiving dinner.' The model said her son's stepmother even 'asked what I wanted—it was a very eclectic wish list.' 'I wanted her Mexican chicken with truffled potatoes, and she spent the day in the kitchen and cooked it herself. No help,' Evangelista said. 'The kids helped her at the end. She made a feast—a beautiful, beautiful meal.' 'I had told her that I wasn't going to have Thanksgiving; I wasn't feeling well,' she added. 'And she said, 'Oh yes you are: I am coming.' And poof, she was here.'
Daily Mail
4 days ago
- Entertainment
- Daily Mail
Linda Evangelista reunites with ex Francois-Henri Pinault and his wife Salma Hayek as they celebrate son Augustin, 18, graduating high school
Linda Evangelista reunited with ex Francois-Henri Pinault and his wife Salma Hayek as they came together to celebrate her son Augustin graduating high school. The supermodel, 60, looked every inch the proud mother as she posed with her lookalike son, 18, on his big day. Taking to Instagram on Monday, she uploaded a slew of snaps which showed Augustin proudly posing with his diploma before celebrating with a personalised cake and enjoying a cigar with his billionaire father. In one sweet snap, the graduate hugged his stepmother Salma, 58, and mum Linda as they posed alongside his father Francois, 63. Linda captioned the snaps: 'Then this happened. ♥️✨I'm one proud momma. Blessed blessed blessed…' From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new Showbiz newsletter to stay in the loop. Linda and Francois-Henri briefly dated from September 2005 until January 2006. The Kering CEO started dating From Dusk Till Dawn star Salma in April that year, when Linda was pregnant with Augustin. In 2007, Linda and Francois-Henri announced their engagement and welcomed their daughter Valentina in September. When Augustin was first born, Linda initially kept his paternity a secret. Years later she publicly revealed the father was French billionaire François-Henri, in a child support battle that was ultimately settled out of court in 2012. Linda previously gave an insight into her co-parenting relationship with Salma in an interview with Vogue. She explained that she spends time with Salma and her ex during the holiday season. However, one Thanksgiving, she was ill and not able to join the festivities. 'I was sick at Thanksgiving. And Salma got on the plane with her daughter, came here, and made Thanksgiving dinner,' she explained. Linda then humorously revealed she had given Hayek an 'eclectic wish list' for what she wanted to eat. 'I wanted her Mexican chicken with truffled potatoes. And she spent the day in the kitchen and cooked it herself. No help.' 'The kids helped her at the end. She made a feast - a beautiful, beautiful meal. I had told her that I wasn't going to have Thanksgiving; I wasn't feeling well. And she said, "Oh yes you are: I am coming." And poof, she was here.' Linda also opened up about her son and wanting to give him a 'normal upbringing' - despite her celebrity status. She revealed both she and Augustin sit in the nosebleed seats at events after offers for front row seats at venues at Madison Square Garden dwindled down. 'Now we buy our tickets and we sit with the fans in nosebleed. We're fine with that. I wanted to have a very normal upbringing for my child.'
