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Kering and Ardian today announced the execution of a joint venture agreement effective immediately regarding the Kering property located at 715-717 Fifth Avenue in New York City. This exceptional location on one of the world’s most iconic avenues comprises multi-level luxury retail spaces totaling approximately 115,000 sq. ft (10,700 sq. m.). 

Following the partnership concluded earlier this year, Kering is contributing this asset to a newly created joint venture with Ardian, which will hold a 60% stake, with Kering retaining 40%. Kering’s interest in the joint venture will be accounted for under the equity method as of today.

The transaction amounted to USD900 million (EUR766 million), with net proceeds for Kering USD690 million (EUR587 million).

Jean-Marc Duplaix, Kering Chief Operating Officer, declared: “As we continue to execute our strategy regarding the management of our real estate portfolio, we are pursuing our successful partnership with leading investment firm Ardian. Like the investment agreement already signed in Paris, this transaction allows us to secure another long term highly prominent retail location for our Houses while enhancing our financial flexibility”. 

Stéphanie Bensimon, Member of the Executive Committee and Head of Real Estate at Ardian, commented: “We are thrilled to continue our partnership with Kering. 715-717 Fifth Avenue offers exceptional visibility and long-term value.
This marks Ardian’s first real estate investment in the United States and our strategic expansion into this highly attractive market.”

Omar Fjer, Head of Real Estate France and Managing Director at Ardian, concluded: “This transaction reflects Ardian’s expertise in structuring innovative partnerships and securing assets with exceptional fundamentals. We are truly committed to acquiring and managing ultra prime assets in the most sought-after locations, which deliver lasting value for our stakeholders.”
 

 

About Kering

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across ready-to-wear and couture, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering’s Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.

Contacts

Press

Emilie Gargatte      +33 (0)1 45 64 61 20      emilie.gargatte@kering.com 
Caroline Bruel      +33 (0)1 45 64 62 53      caroline.bruel-ext@kering.com 

Analysts/investors

Philippine de Schonen      +33 (0)6 13 45 68 39       philippine.deschonen@kering.com 
Aurélie Husson-Dumoutier      +33 (0)1 45 64 60 45      aurelie.husson-dumoutier@kering.com 

 
About Ardian

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world. We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy. Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry. Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit. Ardian. Mastering change for lasting value.

ardian.com

Contacts

Press

Headland      ardian@headlandconsultancy.com  
 

Mr Jack Williams, Senior Vice President of Exxon Mobil Corporation,

Distinguished guests, 

Ladies and gentlemen,

Introduction

1.                 Good morning. It is my pleasure to join you today for the opening of ExxonMobil’s Singapore Resid Upgrade Facility. 

2.                 This occasion marks not only the start of EM’s new facility in Singapore, but also an important milestone in the longstanding partnership between Singapore and ExxonMobil, a partnership that has shaped the growth of our energy and chemicals (E&C) sector.

3.                 The E&C sector is a key pillar of Singapore’s manufacturing base, contributing around a quarter of Singapore’s total manufacturing output.

a.          It anchors Singapore within the global fuels and chemicals supply chain, while supporting our status as a maritime and aviation hub.

b.          Within our E&C sector, ExxonMobil is one of our most significant partners.

                                               i.               What began as just two refineries in the 1960s and 1970s has since evolved into a world-scale, integrated refining and petrochemical complex. 

                                              ii.               This is the culmination of more than S$30 billion of investment over the decades. 

                                            iii.               This has in turn built up production capacity in Singapore; created good jobs, deep and technical capabilities; and nurtured a strong network of suppliers and service providers.  

                                            iv.               In many ways, ExxonMobil has become a cornerstone of the E&C sector in Singapore. 

4.                 This did not happen overnight; it is the result of a decades-long partnership, built on trust, conviction, and a shared belief that Singapore can be a stable, competitive and forward-looking home for world-scale manufacturing. 

5.                 Over the years, this partnership has been tested and strengthened through crisis after crisis. We have weathered economic downturns, global financial shocks, and industry cycles that have repeatedly challenged energy and chemicals players around the world. 

6.                 Today, the sector faces a different set of headwinds. 

a.          Global overcapacity is putting pressure on margins. 

b.          Demand patterns are shifting. 

c.          And the transition to a net-zero future is reshaping what customers, regulators and societies expect of the industry. 

7.                 These are structural shifts that call for adaptation, innovation and a willingness to transform. 

a.          Last month, we had outlined a refreshed vision for Jurong Island, to be a premier hub for specialty chemicals and sustainable materials, and a global testbed for new energies and low-carbon technologies. 

b.          Singapore will continue to invest in what makes us competitive – our skilled workforce, our high-quality infrastructure, our pro-business environment, and our integration into global flows of energy, goods and talent. 

c.          We will also work with industry leaders like ExxonMobil to strengthen capabilities in higher-value, lower-carbon and more sustainable manufacturing. 

8.                 The Singapore Resid Upgrade Facility is a good example of this. 

a.          This facility enhances the competitiveness of ExxonMobil’s Singapore complex by enabling the production of lower sulphur fuels and higher-value lubricant base stocks, through the conversion of bottom-of-the-barrel products. 

b.          Delivering this upgrade was a major undertaking.

                                               i.               Work on the facility carried on through the height of the COVID-19 pandemic. 

1.          In the midst of border restrictions, manpower constraints and supply chain disruptions, we worked closely together – Government and EM – to resolve all these issues, so that work on the facility could proceed safely and smoothly. 

                                              ii.               Extensive work was required to integrate the manufacturing site’s existing operating units and 22 new reactors, as well as to install over 150 kilometres of new pipeline, equivalent to about three times the length of Singapore from east to west. 

                                            iii.               EM also had to upskill and reskill its workforce to operate the new technologies and equipment and learn to integrate these with the existing operations. 

c.          More fundamentally, this facility signals something larger – that even in a challenging global environment, we can continue to upgrade, innovate and create long-term value. 

                                               i.               This new facility will strengthen Singapore’s E&C sector, by anchoring high-value manufacturing and supporting our shift to specialty and performance products. 

                                              ii.               This is the kind of investment – forward-looking, capability-enhancing, and sustainability-aligned – that will underpin the next phase of growth for the sector. 

9.                 Beyond this facility, EM is also partnering Singapore on the next frontier of energy innovation. 

a.          Last year, we launched the ExxonMobil–NTU–A*STAR Corporate Lab, the first established by an energy major in Singapore. 

b.          Through this partnership, researchers are developing solutions that help to lower carbon emissions and improve resource efficiency. 

10.             As we look to the future, I hope ExxonMobil will continue to see Singapore as a long-term strategic partner – not just a site for production, but a place where the company can test new technologies, develop new capabilities, and shape the future of energy and chemicals in Asia. 

a.          Singapore remains deeply committed to supporting this transformation.

                                               i.               We will continue to foster a stable and trusted operating environment, strengthen the skills of our workforce, and build ecosystems that enable innovation and sustainability. 

b.          And by deepening our partnerships across ecosystems, Singapore can be a trusted hub where companies, researchers and innovators can come together to collaborate, invest and grow. 

11.             Congratulations once again to the ExxonMobil team and all your partners. 

12.             This facility stands as a reminder of what long-term partnership can achieve, and a strong signal of confidence that Singapore can shape a globally competitive, sustainable and resilient future for our energy and chemicals sector. 

13.             I look forward to building the next chapter of EM’s growth in Singapore, and I wish you many more decades of success and partnership with Singapore. 

14.             Thank you.

 

Combining teclistamab and talquetamab deepens the depth and durability of response in patients with relapsed/refractory multiple myeloma with extramedullary disease (EMD), according to an international trial. Nearly 80% of patients achieved an overall response rate with a manageable safety profile through this novel dual-targeted approach, according to study outcomes recently published in the New England Journal of Medicine.

These results exceeded standard therapies, including bispecific monotherapies and BCMA CAR T-cell therapy, for a population of patients who usually have a dire prognosis. “It’s exciting to see that combining two bispecifics together is providing durable responses in patients whose survival rates have typically been quite poor,” says Shahzad Raza, MD, study co-author and a hematologist/oncologist at Cleveland Clinic Cancer Institute. “These outcomes represent a bold step forward that has the potential to be practice changing.”

The bispecific antibody teclistamab targets BCMA, while the bispecific antibody talquetamab targets GPRC5D. As monotherapies, teclistamab and talquetamab each provided modest benefits to patients with EMD. However, early research found combining the two medications made a notable difference.

This study focused on patients with EMD, including those with nonsecretory or oligosecretory myeloma, who are generally excluded from clinical studies. The study outcomes were presented previously at the European Hematology Society (EHA), International Myeloma Society (IMS) and most recently at the American Society of Hematology (ASH) annual meetings.

Background

True EMD, which is defined as soft-tissue plasmacytomas that are not contiguous to the bone, is a highly aggressive form of multiple myeloma and is associated with dismal outcomes. Historically, survival rates for those with EMD have been around one to two years.

Patients with EMD may initially respond to conventional treatments but the responses tend to be suboptimal and inferior to those without EMDs.

Study design

This phase 2 extension study was performed on talquetamab plus teclistamab exclusively in patients with drug-resistant, true extramedullary myeloma. The primary end point was overall response. Secondary end points included the duration of response, progression-free survival, overall survival and safety.

The RedirecTT-1 trial enrolled 90 patients, who received a combination of 0.8 mg per kg of body weight of talquetamab and 3.0 mg/kg of teclistamab every two weeks, with the option to switch to once a month dosing based either on confirmed ≥VGPR (very good partial response) after cycle 4 or the physician’s discretion after cycle 6. Patients’ progress was monitored via full-body PET CT scans as well as MRIs, blood work and bone marrow biopsies.

Study outcomes

Of this population of patients with drug resistance and true extramedullary disease, most responded to the combination of talquetamab and teclistamab. Seventy-nine percent of the 90 patients in the study achieved an overall response rate, including 54% who achieved a complete response. The median progression-free survival was 15.4 months.

Responses were consistent across tumor burden, cytogenetics, organ involvement and number of extramedullary sites.

More than 76% of responders switched to monthly dosing after cycles 4-6. This change in dosing did not diminish responses. In fact, 93% deepened or maintained response after switching.

Side effects

The rate of adverse events was consistent with previous studies of these agents delivered as monotherapies and did not increase as a result of combining the two therapies. Few patients discontinued treatment due to adverse events, and no new safety signals were indicated. Oral toxicities were mainly grades 1-2, with only 4% having grades 3-4.

Infection rates were high but manageable and seen during the early treatment course. The researchers found that monthly administration of IVIG helped lower infection rates. Other toxicities were manageable.

Five patients died due to infection, one from pneumonia due to COVID-19, one from pneumonia due to klebsiella infection, one from sepsis due to klebsiella infection, one from pneumonia due to unspecified infection and one from pseudomonal sepsis.

What’s next

“I’m grateful to our institute, my colleagues and our patients who participated in this groundbreaking research,” says Dr. Raza. “This unique combination of therapies may be a game changer for this group of patients who previously had few treatment options available to them.”

Cleveland Clinic Cancer Institute continues to investigate new therapies such as trispecific antibodies, bispecific T-cell engagers and allogenic CAR-T for treating multiple myeloma.

Hear our podcast with Dr. Raza about the RedirecTT-1 trial.