The luxury company behind Gucci, YSL and Bottega Veneta is holding off on plans to sell its stake in Puma on the market.
Earlier this week, reports suggested that Kering may be getting ready to sell its Puma shares at an IPO auction in the upcoming year as it shifts more its focus to the luxury brands in its stable.
But on Tuesday Kering said that Puma remains the company’s non-strategic asset. Chief Financial Officer Jean-Marc Duplaix added that while the company is currently exploring options for the brand, it is not planning to make any just yet.
“I think that Puma is in a very nice trajectory, and we will have the occasion to consider and to contemplate some options, but later and probably not short term,” said Duplaix in the call.
For now, Kering is focusing on improving sales for the athletic shoe company, which has made a comeback in recent quarters. “We always say that there was a timing for the recovery of the brand and we are working on that,” Duplaix said.