As many suspected all along, Kering was unable to find a buyer for its revived sports brand at current valuations and will distribute about 70% of Puma’s outstanding shares to its shareholders, retaining a 16% stake for itself. Artemis, the Pinault family holding company which owns 41% of Kering, will remain a strategic partner of Puma with a 29% position in the company, which would increase the public float of the brand to 55% of the total. The exact terms of the spinoff and price haven’t been determined, but Kering’s luxury business has been booming and it wanted to focus ... Log in to view full article.