Gucci owner Kering in talks to sell stake in $1 billion Fifth Avenue property: Sources
File Photo PARIS | MILAN: 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…