Equities

Reuters reveals Kering to spin off Puma to its own shareholders; market reacts

Reuters reveals Kering to spin off Puma to its own shareholders; market reacts

Reuters exclusively reported that Gucci-owner Kering is studying a spin-off of German sports goods brand Puma to its own shareholders as the French conglomerate sharpens its focus squarely on its luxury brands. Following the Reuters report, Puma shares fell 4.7 percent. The deal will give the French Pinault family, which controls Kering, a direct stake in Puma and will turn Kering into a pure player in the high-margin luxury business where it competes with LVMH. Kering confirmed the Reuters report less than an hour later.