Kering hands over control of Puma

German sportswear company Puma AG Rudolf Dassler Sport (OTC: PMMAF) may no longer be weighed down by its French parent company Kering S A/ADR (OTC: PPRUY).

France-based Kering, which owns Gucci, is planning to spin off Puma its sports brand in Germany to the conglomerate's shareholders in order to put more focus squarely on just its luxury brand.

"We are very pleased that Kering has proposed this way to reduce its stake in PUMA". The group's ambition is to continue to grow and develop its couture, leather goods, jewellery and watch businesses. "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 contemplated distribution of Puma shares to our shareholders would be a significant milestone in the history of the group", says CEO François-Henri Pinault.

Kering emerged as one of the big winners in a luxury goods revival a year ago as Chinese demand picked up, with a stellar turn at brand-of-the-moment Gucci helping earnings and other labels such as Yves Saint Laurent and Balenciaga.

Kering's CFO Jean-Marc Duplaix said that company found itself out of balance due to the outperformance in the luxury sector, adding that the group was also looking at its options to shed Volcom its other sportswear label.

Industry expert Matt Powell recently told Benzinga of Puma: "We are in a non-performance market; when performance was in fashion, Puma really struggled".

Kering will retain the 16% of shares outstanding, while Artémis, which holds 40.9% of Kering's shares, will become a long-term strategic shareholder in Puma with an ownership of around 29%. We are proud to have supported the turnaround of Puma, which now has unrivalled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth, led by its talented and passionate management team.

Puma's shares will not be publicly traded, but spread across several of Kering's investors.

Related News:

Prudential (PRU) Given a GBX 1800 Price Target at JPMorgan Chase & Co
The shares were acquired at an average cost of GBX 1,833 ($24.86) per share, for a total transaction of £392,408.64 ($532,151.67). Since August 7, 2017, it had 0 insider purchases, and 2 sales for $2.10 million activity. 4,133 Prudential Financial, Inc.

13 January 2018

MS Dhoni, Suresh Raina return to Chennai Super Kings in IPL 2018
Meanwhile, There has been no confirmation about Gautam Gambhir's retention by Kolkata Knight Riders . Each franchise must spend at least 75% of the money at its disposal per season.

13 January 2018

Iran unrest divides UN Security Council meeting
Anti-government demonstrations in Iran began on December 28 in protest against price hikes and a string of bankruptcies. She said Iranian people are demanding their government stop spending their wealth on foreign fighters and proxy wars.
13 January 2018

A 3D journey through the Orion Nebula
Orion Nebula is a very bright and violent stellar formation which is situated nearly 1,344 light years away from Earth. The three-dimensional video provides a look at the fantastic topography of the nebula.

Analysts Perspectives: Eldorado Gold Corp (EGO)
CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average. Conversely, if a security's beta is less than 1, it indicates that the security is less volatile than the market.

Federer has battle on his hands to defend Australian Open title
With so many players in contention and so much firepower, handling the stress will be the key, according to Mats Wilander. A rematch of last year's Australian Open semifinal with 2017's strongest finisher, Grigor Dimitrov , is on the cards.
13 January 2018

Pitney Bowes Inc. (PBI)
Looking closer at shares of Pitney Bowes Inc (PBI ), we have recently noted that the Ultimate Oscillator reading is now above 60. Finally, ValuEngine upgraded Pitney Bowes from a "hold" rating to a "buy" rating in a research report on Monday, October 2nd.

13 January 2018

Institutional Investors Are Selling American Express Co (NYSE:AXP)
Finally, Zacks Investment Research cut American Express from a "buy" rating to a "hold" rating in a report on Wednesday. Finally, Burke & Herbert Bank & Trust Co. boosted its stake in American Express Company by 0.7% in the third quarter.

13 January 2018

Finnish firm detects new Intel security flaw
The remote access is limited to whatever network the targeted computer connects to, but that can include wireless networks. Go through all now deployed devices and configure the AMT password or disable the functionality altogether.
13 January 2018

New Pelican Spider Species Discovered In Madagascar
After analyzing the genitals, the scientists confirmed that they have discovered 18 new species of spider eating pelican spiders. Instead, they are active hunters - hence the name "assassin" - feeding exclusively on other spiders .

Archer Daniels Midland (ADM) Stock Rating Lowered by Zacks Investment Research
Country Club Trust Company n.a.'s holdings in Archer Daniels Midland were worth $10,318,000 as of its most recent SEC filing. Moreover, Private Advisor Gp Limited Liability Company has 0.02% invested in Archer-Daniels-Midland Company (NYSE:ADM).

Which Insiders Are Selling Medical Properties Trust, Inc. (MPW)?
IFP Advisors Inc boosted its stake in shares of Medical Properties Trust by 12.1% during the second quarter. The average daily volatility for the week was at 1.76%, which was 0.27 higher than that in the past month.