The French luxury giant completed the sale for around $772M.
The move comes as Puma’s sales fell considerably in Quarter One of 2020 due to the Coronavirus outbreak, the company has recorded that their sales fell more than 16 per cent during the period, this can be attributed to a high proportion of their stores across the globe being closed. Second quarter sales continued to be impacted by the Coronavirus pandemic with the company reporting that their sales declined by 30.7 per cent.
Kering acquired Puma for $6bn in 2007 and a culmination of this acquisition and a number of sponsorship deals saw the brand enjoy a revival in the past few years. The luxury powerhouse has slowly been reducing their stake in Puma since 2018 as the group looked to engage with more high-end luxury brands such as Gucci, Balenciaga and Saint Laurent.
