Why Puma is pulling out of Kering?

Why Puma is pulling out of Kering?

As from today, Puma, the sportswear maker will no longer be a subsidiary of Kering.

Kering is a luxury fashion holding company that is known for iconic brands such as.

The separation is following the approval of the transaction by Kering shareholders at the Group’s General Meeting held on April 26, 2018, the exceptional distribution in kind of PUMA SE shares is effective as of today, payment date.

The distribution ratio of PUMA shares to Kering shareholders is equal to 1 PUMA share for 12 Kering shares held, in accordance with the terms of the transaction announced by Kering on February 13, 2018.

The PUMA opening share price, which will be used in particular as a basis for tax calculation purposes, was €429.00 this morning, May 16, 2018, on the Xetra trading platform at Frankfurt.

Kering said in a statement that “As previously announced, following this transaction, Kering will retain 15.70% of the share capital and 15.85% of the shares outstanding and voting rights of PUMA. As from today, this stake will be accounted for under the equity method in Kering’s financial statements.”