- Vivian Hendriksz |
London - Shares in luxury conglomerate Kering rose to new record heights on Friday following news the group is set to spin off leading German sportswear brand Puma.
Kering announced late Thursday evening that it aimed to distribute 70 percent of its shares in Puma to its shareholders, thereby retaining a 16 percent stake in the sportswear company. Puma welcomed this move, adding that it would lead to a 'greater free float of Puma stocks, providing investors an enhances possibility to invest in Puma, and allowing the company to reaffirm its business strategy.'
Puma aims to become the 'Fastest Sports Brand in the World' following Kering spin off
"We are very pleased that Kering has proposed this way to reduce its stake in Puma," said Bjørn Gulden, CEO of PUMA in a statement. "It would allow us to continue with our current business strategy that has started to show good results. We would be able to carry on to invest in becoming the Fastest Sports Brand in the world, create value for retailers, improve performance for athletes and excite consumers."
The announcement comes not long after speculation concerning the future of Puma first emerged, as industry insiders believed Kering was contemplating a potential sale of Puma in order to turn its focus to its luxury brands. As Puma prepares itself for another chapter in its ongoing history, FashionUnited takes a moment to reflect on some of the milestones in the German brand's history. Scroll down to read our interactive timeline on Puma.
Use the arrows to navigate through the events ordered by date or click on a time frame (in the gray bar) to learn more.
Timeline created by Prachi Singh, edited by Vivian Hendriksz
Photos: Courtesy of Puma