Kering offloads 70% stake in Puma
Luxury goods group Kering has announced plans to sell a 70% stake in sportswear brand Puma amongst its shareholders.
Post transaction, Kering would retain approximately 16% of Puma shares outstanding. Artémis, which holds 40.9% of Kering’s shares, would become a long term strategic shareholder of Puma with an ownership of about 29%. Puma’s free float would be increased to approximately 55%.
Kering said the move is designed to “reinforce its status as a leading pure player in Luxury with an enhanced, best-in-class profitability”.
Kering also has shares in luxury brands, Gucci, Balenciaga, Alexander McQueen and Stella McCartney among others.
François-Henri Pinault, chairman and CEO of Kering, said: “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.
“This operation would enable our shareholders to directly benefit from Puma’s future value creation. We are proud to have supported the turnaround of Puma, which now has unrivalled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth, led by its talented and passionate management team. We have laid strong foundations for a bright future for Puma.”
Final terms of the distribution of Puma shares to Kering shareholders are under review and will be submitted to the vote of Kering shareholders at general meeting on 26 April 2018.
