Kering has announced its acquisition of a prestigious building on Via Montenapoleone in Milan for 1.3 billion euros ($1.43 billion) from a subsidiary of Blackstone Property Partners Europe. The historic 18th-century palazzo spans five floors and houses tenants including Saint Laurent, Cova, Prada, and Giuseppe Zanotti. Kering’s strategic real estate investment aligns with its focus on securing prime locations for its luxury brands. Milan’s Via Montenapoleone ranks as one of the world’s most expensive retail streets, with increasing rents surpassing pre-pandemic levels. Kering’s move follows similar acquisitions by luxury brands in Manhattan and reflects the fierce competition for retail spaces in key markets. Prada, in particular, is expanding its presence in Milan, with plans for significant developments hinting at ambitious retail strategies for the future.