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The French luxury group Kering, owner of Gucci and Balenciaga among others, announced this Wednesday 26 May its withdrawal from the German sports equipment company Puma, which began in 2018. The group has been focusing on the luxury sector for the past three years and this decision is a natural consequence of this directive.
Acquired in 2007, François-Henri Pinault‘s group held 86.3% of Puma in 2018. However, as part of this strategy, it is selling 5.9% of Puma.
“Kering announces the launch of a sale of a block of approximately 8.9 million shares it holds in Puma SE, representing approximately 5.9% of Puma’s share capital, in a placement with qualified investors,” the luxury group said in a statement.
According to the Puma share price at the close of trading on the Frankfurt Stock Exchange on Wednesday, the transaction would be worth more than 830 million euros.
“The net proceeds of the transaction will be used for general corporate purposes and will further strengthen Kering’s financial structure,” the company said.
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