Luxury group Kering has invested $963 million in a retail property in New York, reports Leatherbiz.

It said the site, on Fifth Avenue and 56th Street in Manhattan, would provide it with “multi-level luxury retail spaces” over a total area of 10,700 square-metres, on “one of the world’s most iconic avenues”.

It added that this investment was part of a wider, “selective real estate strategy”, through which it is aiming to secure “key, highly desirable locations” for its brands, which include Gucci, Saint Laurent, Bottega Veneta and Balenciaga.

Other properties it has acquired recently include buildings on the Avenue Montaigne and the Rue de Castiglione in Paris.