French luxury group Kering has sold yet another sports brand: snow glass brand Electric. Last year, Kering already sold shoe brand Tretorn and there are rumours saying it will also cast Puma aside.
Puma is not an essential part
Kering acquired Electric in 2011, but has now decided to sell it once more. With a 22 million euro turnover in 2015, Electric probably was not profitable, Bloomberg writes.
The site believes Kering is not averse to selling German sports brand Puma, rumours it has never denied nor confirmed. Puma was acquired for 5.3 billion euro several years ago, but results have been in a rut ever since. Puma's value is currently estimated to be 3 billion euro, while analysts believe turnover in 2020 to still be below the turnover Puma had when Kering acquired it. Apparently, the luxury group does not consider Puma to be an essential part of the company's future, which makes a sale all the more likely.