French luxury goods group Kering said today it had sold a 5.9% stake in German sportswear company Puma for around €805m via a placement to investors.
Kering said that following the sale, it will retain approximately 4% of Puma's outstanding shares.
The group said proceeds from the transaction would be used for general corporate purposes and for further strengthening of its finances.
Last year, Kering sold a 5.9% stake in Puma for approximately €656m.
