French brand house Kering is spinning off German sports label Puma to its shareholders, as it moves to become a pure luxury player.
It plans to distribute 70% of Puma shares to investors, retaining around 16%.
Kering founder, chairman and CEO François-Henri Pinault’s holding company Artémis will own roughly 29% of Puma as a long-term strategic investor.
Pinault said: “The contemplated distribution of Puma shares to our shareholders would be a significant milestone in the history of the group. Kering would dedicate itself entirely to the development of its luxury houses, whose enduring appeal, built on creative audacity and innovation, will allow us to continue to gain market share and create value.”