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French luxury group Kering will get rid of 70 % of German sports brand Puma’s shares and wants to turn its attention to its luxury brands. Puma does not fit into that category.
Sale was also considered
Puma’s shares will not be publicly traded, but spread across several of Kering’s investors. The company currently owns 86 % of Puma’s shares, but it will now shed 70 %. Kering’s founder, François Pinault, will allegedly get 29 %.
A complete sale of the Puma brand was also on the table, but Kering and Puma decided to act differently. According to Puma CEO Björn Gulden, plenty were interested in the German sports brand, but the current approach is deemed the best. Kering acquired Puma in 2007 and the brand enjoyed a continued rise: third quarter turnover went up 13 %, partially thanks to collections in collaboration with singer Rihanna. It has performed particularly well in the United States these past few years, gaining back market share.
Kering is not the only luxury group selling off brands that do not fit its portfolio entirely: LVMH recently sold Donna Karan and Hermes did similarly with lens manufacturer Leica. Kering still owns lifestyle brand Volcomm, but has no plans to sell it.
