Owner of luxury bands Gucci, Saint Laurent—Kering SA reached a deal to sell a 60% stake in three prestigious Paris properties to French private equity firm Ardian SAS for €837 million (~$862 million).

Kering sells 60% of Paris properties amid Guccis poor performance Kering divests significant stakes in Paris real estate as luxury sector faces challenges

Kering SA will sell a majority stake in three Paris properties to French private equity firm Ardian, a deal that will net the struggling owner of the Gucci fashion label €837 million ($861 million).