Kering and Ardian have completed a joint venture for the building at 715–717 Fifth Avenue in New York in a deal valued at $900 million that gives Ardian a 60 percent stake, leaves Kering with a 40 percent stake and delivers $690 million in net proceeds to Kering.Kering contributed the roughly 115,000 square feet multilevel luxury retail property to the joint venture earlier in the year, saying the transaction mirrors a Paris agreement that generated €837 million and is part of a strategy led by Luca de Meo to reduce leverage and enhance financial flexibility; Jean‑Marc Duplaix said the deal allows Kering to secure another long term highly prominent retail location for its houses.