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Puma shares slump as luxury group Kering plans spin-off

Reuters  |  PARIS/BERLIN 

By Sarah White and Emma ThomassonPARIS/BERLIN (Reuters) - Puma shares tumbled on Friday after French parent Kering said it would spin-off the German sportswear group to its shareholders and focus solely on its luxury fashion and jewellery labels. Kering, whose brands range from Gucci to Yves Saint Laurent, plans to distribute 70 percent of Puma to its own investors, retaining only a 16 percent stake in a business which is finally making strides after 10 years under its ownership.Investors initially welcomed Kering's long-awaited move to shed its remaining non-luxury brands, sending its shares ...

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First Published: Fri, January 12 2018. 18:24 IST