Puma formally exited the Kering group earlier this week, with the distribution of Puma shares to Kering shareholders. The distribution ratio amounted to one Puma share for 12 Kering shares held, and the payment date was May 16. Puma's opening share price on the day was €429.0 but the company's management was given a vote of confidence by shareholders, as the price moved up by more than 5.6 percent on the day. The move had been approved by Kering shareholders at their annual meeting on April 26, allowing the French company to focus entirely on its luxury brands, such as Gucci and Yves Saint-Laurent. After this transaction, Kering retains 15.70 percent of Puma's share capital and 15.85 percent of shares outstanding and voting rights of Puma. But Kering said earlier that the deal would attribute about 29 percent in Puma to Artemis, a holding company for the Pinault family, which holds a large stake in Kering. This means that about 55 percent is in free float. Bjørn Gulden, Puma's chief executive, said earlier this year that the group's strategy would remain unchanged but that the transaction would make the Puma share more attractive for shareholders. The former PPR group acquired Puma for €330 per share in 2007, valuing the company at €5.3 billion. It went on to form a sports lifestyle unit including the Volcom and Electric brands. Electric was divested through a management buy-out in 2016 and Kering said it April that it had taken steps to sell Volcom.

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