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