Kering Sells 5.9% Stake in Puma SE
Luxury group Kering announced the completion of its sale of approximately 5.9% of its stake in Puma SE for approximately €805 million. The transaction significantly reduces Kering's ownership in the sportswear company.
Kering, the global luxury group, has successfully completed the sale of approximately 5.9% of its share capital in Puma SE. The transaction, conducted through an accelerated bookbuilding process to qualified investors, yielded total proceeds of approximately €805 million, with shares sold at €90.30 each.
Following this divestment, Kering's remaining stake in Puma SE will be around 4.0%. Both Kering and its controlling shareholder, Artémis, are subject to a 90-day lock-up period on their remaining Puma shares, with certain exceptions.
The proceeds from this sale are intended for Kering's general corporate purposes and are expected to further strengthen its financial structure. Settlement for the transaction was expected on June 1, 2021.
Kering manages a portfolio of renowned Houses in Fashion, Leather Goods, Jewelry, and Watches, including Gucci, Saint Laurent, and Bottega Veneta. The company emphasizes creativity and sustainability in its strategy to shape the future of luxury.