To increase its focus on higher-end luxury brands, French group Kering sold additional $1.0 billion worth of shares in German brand Puma. Kering sold approximately 8.9 million shares, representing approximately 5.9 per cent of the share capital of Puma through its qualified investors only by way of an accelerated book building process.

The sale reduces Kering’s shareholding in Puma to 4 per cent Kering held 83.7 per cent shares in the German brand in 2018 when it announced plans to gradually wind down its investment. As per the Frankfurt stock exchange, the sale transaction is worth more than €830 million or $1.0 billion. Proceeds from this transaction will be used for the general corporate purposes of Kering and will further strengthen its financial structure.

A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. The company set new standards in luxury by placing creativity at the heart of its strategy.