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PARIS (Reuters) - Kering shares rose to record highs on Friday after the French luxury goods group announced plans to spin off German sports brand Puma to its shareholders in order to focus squarely on its more upmarket brands.
Kering shares were up 0.9 percent at 412.40 euros in early session trading, with the stock at one point touching a record intraday high of 415 euros. Kering also outperformed a 0.1 percent decline in the STOXX Europe 600 Personal & Household Goods index, which houses many luxury goods stocks.
"We welcome this development, which if approved by shareholders, will increase Puma's free-float making it investable again for the first time in around 10 years.
(Reporting by Sudip Kar-Gupta; Editing by Sarah White)