“Such plan will enable Kering to enhance their luxury pure player status, thanks to higher standards of profitability, thus placing the group in the best rankings of the industry”. The French giant quits sport-lifestyle. The group, which is run by Pinault family, announced that they have started to transfer their Puma shares (Kering was the majority shareholder) to focus their business on luxury brands. In a press release the French group cleared up that “their aim is still to pursue a strategy of growth and development in all their luxury brands with regard to fashion, leather goods, jewelry and watchmaking, thanks to the group’s strong ability to produce cashflow and to their solid financial position”. The action had been in the air for a few months, since François-Henri Pinault left Puma’s board of trustees. Kering is going to share the stocks among the other holders: all distribution details will be made public by the group next April 26th.
Kering pulls out of sport, as they sell Puma shares: “We are luxury pure players”
