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Opinion: Undoing Kering Property Bets May Dent Foundations

A fire sale could erode value further, Yawen Chen writes.
A Gucci store in Washington, DC.
Kering has lost over 50 percent of its market value in the past two years amid plummeting sales from Gucci, its biggest brand. (Getty Images)
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BoF PROFESSIONAL

Kering may find its real estate empire makes for a flimsy safety net. The $34 billion Gucci owner has suffered from falling revenues and rising debt. Incoming CEO Luca de Meo could flog more of the group’s €4-billion ($5 billion) store portfolio to ease the company’s ballooning leverage. But selling stakes only chips away at the problem, and vacating plush addresses could hand rivals a leg up.

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