While sharpening its focus on luxury goods, Kering has continued to reduce its stake in Puma, which it bought over a decade ago. The owner of fashion brands Gucci and Yves Saint-Laurent has issued a €500 million bond that holders can exchange for Kering's shares in Puma at maturity, allowing the luxury group to nominally reduce its stake. The bond, due in 2022, will make up 3.5 percent to 3.7 percent of Puma's share capital. The offer is available to investors in markets where this type of bond is approved, which is not the case in the U.S., Japan or Australia. Puma has been performing well, but Kering is shifting towards more high-margin luxury businesses, having also divested smaller brands such as Volcom and Christopher Kane. Kering, which now holds a 15.7 percent stake in Puma, spun off a 70 percent stake in the German sporting goods company last year to its shareholders, including Artemis, the holding company run by the Pinault family, which in turn controls Kering. Artemis remains a leading investor in Puma with a stake of around 29 percent.

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