Kering Sells Off 5.9% Stake in PUMA

On October 6, the Business of Fashion notes, Kering relinquished some of its remaining PUMA shares, causing a minor tumble in PUMA’s stock price. In particular, the announcement by Kering that it had sold off its 5.9 percent stake, worth approximately EUR 656 million ( US$ 772 million), initiated a 3.5 percent drop for PUMA, the latest in the financial woes of the sportswear giant, although this error is likely to be recovered shortly.

Since its luxury brands are more focused on Kering, such as Gucci, Balenciaga and Bottega Veneta, almost all of the PUMA shares acquired by Kering in 2007 for EUR 5.3 billion (approximately USD 6.2 billion) have been unloaded. Kering holds a 9.8 percent stake in PUMA, down from 15.7 percent, with a registered EUR 74.50 ($87.44 USD) per share weighing in. Currently, with just under 29%, PUMA’s biggest shareholder is Artemis, which owns the Kering company itself and is owned by the Pinault family.