Kering sold 5.9% of the share capital of Puma for € 655.6 million

Kering announces the completion of the sale of approximately 5.9% of the share capital of Puma for a total amount of approximately € 655.6 million, corresponding to a selling price of € 74.50 per Puma share.

Following this transaction, Kering will have a remaining stake of 9.8% of Puma’s share capital.

Kering and Artémis have entered into a lock-up agreement relating to the Puma’s shares, which lock-up is expected to end after a period of 90 calendar days from the settlement date of the shares, subject to certain exceptions or waiver by the joint global coordinators.

The proceeds of this transaction will be used for the general corporate purposes of Kering and will further strengthen its financial structure. Settlement of the Placement is expected on 8 October 2020.

A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear.

In 2019, Kering had nearly 38.000 employees and revenue of €15.9 billion.