THE WHAT? Kering has announced the completion of the sale of part of its stake in Puma for €805 million. The owner of Gucci offloaded shares equivalent to 5.9 percent of the sportswear brand’s share capital.
THE DETAILS Following the transaction, Kering will hold a stake of approximately 4 percent in the Italian sneaker label. Proceeds of the transaction will be put towards ‘general corporate purposes’, Kering said in a statement.
THE WHY? Bloomberg reports that the move is part of a wider strategy to focus on higher-end luxury – a trend that chimes with the wider polarisation of the market as a result of the pandemic – and will provide Kering with some readies for potential acquisitions.