Business: It Is Being Reported That Kering Is Set To Sell Puma For Almost $7 Billion USD

By  |  0 Comments
Share Button

PARIS —  It is being reported that international luxury group Kering is set to sell its stake in Puma.

The luxury fashion conglomerate has now reportedly appointed Rothschild & Co to take care of the deal. According to French magazine Challenges, the German multinational sports company is valued at around €6 billion EUR (which is just shy of $7 billion USD).

It has been clear for a while that Kering regard Puma as a non-essential part of its operations as the Parisian company shifts its focus. Speaking to analysts after third-quarter results in October, Kering’s chief financial officer Jean-Marc Duplaix described Puma as a “noncore asset” and explained that “the group is focusing more on luxury.”

Kering also owns Yves Saint Laurent, Gucci, Alexander McQueen, Balenciaga, Stella McCartney, Brioni, Christopher Kane and other brands.

Photos Credit: Courtesy

Share Button

Donovan

Donovan is the CEO and Editor-In-Chief of www.dmfashionbook.com. For all general inquiries please email don@dmfashionbook.com Donovan has a BA in Journalism & Media Studies from the prestigious Rutgers University. He's currently studying entertainment and fashion law.

You must be logged in to post a comment Login