Kering has sold its “The Mall Luxury Outlets” unit to US real estate company Simon, the French luxury conglomerate said in a statement on Thursday.

The divestment will generate net proceeds of approximately €350 million ($365 million) for the Gucci owner, hit harder than its peers by the global luxury slowdown. Kering’s sales and profits have tumbled, its shares are trading at their lowest price since 2017.

Earlier this month, the luxury giant sold a majority stake in three Parisian properties to French private equity Ardian, earning net proceeds of around €837 million ($861 million).

“The Mall” operates two luxury outlet villages in Italy, one near Florence, the other in the riviera town of Sanremo. Kering described the unit as “non-core” as it seeks to taper its exposure to outlets, though its brands will maintain a presence in both of these locations following the sale.

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