Global luxury group Kering has announced the completion of the sale of approximately 5.9 per cent of the share capital of Puma SE for a total amount of approximately €805 million, corresponding to a selling price of € 90.3 per Puma share. Following this transaction, Kering will have a remaining stake of approximately 4.0 per cent of Puma’s share capital.

Kering completed the sale process following an accelerated book-building process to qualified investors only, as defined in Article 2 point (e) of Regulation (EU) 2017/1129 (the “Placement”).

Kering will use the proceeds of the transaction for the general corporate purposes and will further strengthen its financial structure.

Kering and Artémis will be subject to a lock-up relating to the Puma’s shares, which 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.

Settlement of the Placement is expected on June 1, 2021.

Paris, France-headquartered Kering manages the development of a series of renowned houses in fashion, leather goods, jewellery 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 2020, Kering had over 38,000 employees and revenue of €13.1 billion.

Fibre2Fashion News Desk (RKS)

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