Kering might consider pulling out from Puma
After 8 years as a controlling shareholder, Kering may be about to pull out from Puma, sources familiar with the matter told Bloomberg.
The strategy of the group owned by the Pinault family, consisting in bringing closer luxury and sport brands, failed, and Kering might be ready to sell its majority share in the German sportswear maker. According to projections, in 2020, sales from Puma should not exceed their level of 2007, when Kering took control of the German brand.
However, according to Bloomberg, the sale should not take place before next year, as Kering will first try to boost revenue levels before the disposal. The French group declined to comment.
Based on these information, shares of VF Corp jumped, as the Americain group has previously been rumored as a potential buyer.
During the second quarter of fiscal year 2015, Puma posted losses of 3.3 millions euros (3.6 million dollars). Revenue was up 18.5 %, at 772.7 million euros (841.2 million dollars).
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