Kering bought Puma in 2007

Kering bought Puma in 2007

French luxury goods group Kering has officially spun off German sports brand Puma to its shareholders as part of plans to transform itself into a pure luxury player.

In a statement today (16 May), Kering said the move is effective following the approval of the transaction by its shareholders at the group's general meeting on 26 April and the distribution of Puma SE shares.

Kering said the distribution ratio of Puma shares to Kering shareholders is equal to one Puma share for 12 Kering shares held. The Puma opening share price, which will be used in particular as a basis for tax calculation purposes, was EUR429 this morning on the Xetra trading platform at Frankfurt. 

Kering will retain 15.7% of the share capital and 15.85% of the shares outstanding and voting rights of Puma. As from today, this stake will be accounted for under the equity method in Kering's financial statements. 

Earlier this year, Kering said the deal to spin-off the brand will allow it to reinforce its status as a leading luxury pure player with an enhanced profitability. The group's ambition is to continue to grow and develop its couture, leather goods, jewellery and watch businesses.