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Puma Majority Stakeholder Kering CEO Says Sportswear Firm Is Not For Sale

Kering Chair & CEO François-Henri Pinault "slapped down persistent rumours that the French luxury group is preparing to sell athletics goods maker Puma, saying the group plans to hold on to its majority stake" until at least '18, according to Adam Thomson of the FINANCIAL TIMES. Kering’s stated determination to keep the German sportswear brand "follows months of market speculation that the Paris-based luxury group and owner of brands such as Gucci, Bottega Veneta and Balenciaga was looking to sell." Pinault said that Puma, which makes Usain Bolt’s running shoes and supplies the kit for Premier League-winning Leicester City, "was not for sale for the time being." He said, "So far, we have no plans to sell Puma in the short term." Analysts have criticized Puma for "venturing too deeply into the world of fashion in previous years at the expense of product lines dedicated exclusively to sport." Pinault admitted that Puma’s performance sports lines “were a bit of a problem in the past.” But he said that the management team he appointed three years ago had started to turn things around. Pinault: “I have been very patient. Finally, the brand is on track” (FT, 6/23).

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