After reports earlier this year that Kering is trying to place itself among top-notch luxury brands, it looks like the company might be selling off Puma to ensure a more luxurious portfolio.
Now, according to the report, Kering has enlisted the help of Rothschild & Co. bank to handle the matter.
Selling off Puma would be an interesting move, as the brand continues to be a major source of income for Kering, pulling in around than $1.3 billion in sales last quarter. And, with Rihanna serving as Creative Director and continuing to roll out coveted Fenty Puma collections, the brand shows no signs of slowing down.
Francois-Henri Pinault, chairman and chief executive of Kering, continues to stomp out rumors of a potential sale in the near future.
However, adding fuel to the fire of speculations, Kering CFO Jean-Marc Duplaix, reportedly made a comment causing some to question Puma’s future with the company after the company’s third-quarter results conference call last month.
“I think that it has been very clear and I won’t change what has been said directly by the CEO of the group, that Puma is a noncore asset, that the group is focusing more on luxury,” he said.
Puma has yet to release a public statement on the matter.