Kering said it has launched a private placement for about 8.9 million shares in Puma among qualified investors through an accelerated book-building process. For Kering, which has been focusing on the luxury goods sector lately, the move would generate proceeds of more than €800 million at the current stock market price, which has fallen slightly since the announcement, reducing its direct stake in the company to about 4.0 percent. Artèmis, the Pinault family’s holding company that controls Puma, still has a share of 28.8 percent in the German sports company. Kering, which acquired Puma in 2007, spun off its controlling stake of 86.3 percent in Puma to its own shareholders in May 2018, reducing its stake to 15.85 percent. It sold a further 5.9 percent interest in October 2020 for €74.50 per share.

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