Report: Kering to Sell Puma for $7 Billion

puma

The Kering conglomerate may be shedding one of its hottest properties in Puma. According to reports sent out earlier today, the powerful luxury group is close to finalizing a deal that would move its majority share of Puma to new holders in Rothschild & Co. This big splash has been rumoured for a few weeks now, but the sale is looking pretty official.

Puma has had an undeniably successful run this year and has capitalized on several collaborations with high profile influencers in the world of music and fashion. Along with their popular Rihanna-approved releases, the German retailer has made considerable waves with the likes of Big Sean, Selena Gomez, and Toronto’s own R&B sensation, The Weeknd.

Despite the corporate gains achieved this calendar year, Kering has previously stated that Puma is not one of their main business concerns. This idea was further confirmed by Kering’s chief financial officer, Jean-Marc Duplaix, who told media outlets that his team is more focused on luxury brands like Balenciaga, Yves Saint Laurent, and Gucci—all of which are owned by Kering.

In October, Business of Fashion recorded Duplaix telling analysts that Kering was still contemplating its future with Puma. “I think that Puma is on a very nice trajectory,” he stated, “and we will have the occasion to consider and to contemplate some options, but later and probably not short-term. So, let’s work, first of all, still on the turnaround and let’s deliver a very nice set of figures for 2017. That’s the priority for us.”
There has yet to be official word from either Kering or Rothschild regarding the matter, but expect to hear more in the coming days. In related news, check out Puma’s most recent offering, the winterized Tsugi sneaker.

Aidan D'Aoust

Aidan D'Aoust

Aidan is a writer from Toronto. His favourite things in the world are music, movies, and mini dachshunds. Give him a follow on Twitter at @aidandaoust, where he’ll also accept your mixtape submissions.

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