Kering Announces It Will Distribute Its Majority Stakes in PUMA
The French conglomerate will be focusing on its luxury brands.
Kering houses Gucci, Balenciaga and Saint Laurent, which are respectively viewed by fashion’s elite as luxury fashion brands. According to Business of Fashion, German sportswear company PUMA doesn’t fit with the future of the conglomerate. BoF also reports that Kering will distribute a total of 70 percent of its PUMA shares to its own shareholders.
Kering Chairman, François-Henri Pinault shared in a statement:
“The contemplated distribution of Puma shares to our shareholders would be a significant milestone in the history of the group. Kering would dedicate itself entirely to the development of its luxury houses, whose enduring appeal, built on creative audacity and innovativeness, will allow us to continue to gain market share and create value.”