Gucci owner sells ill-fitting Puma brand

A plan by France’s luxury goods firm Kering to give up control of Puma, focusing solely on catwalk and luxury brands such as Stella McCartney and Saint Laurent, sent the German sportswear outfitter plummeting as much as 16%.

A plan by France’s luxury goods firm Kering to give up control of Puma, focusing solely on catwalk and luxury brands such as Stella McCartney and Saint Laurent, sent the German sportswear outfitter plummeting as much as 16%.

The plan, under which Kering will distribute 70% of the shares of Puma to its investors, will leave Kering founder François Pinault’s holding company Artemis with about 29% of Puma.