Gucci owner spins off Puma stake

FRANKFURT — Luxury group Kering said it intends to spin off a majority stake in sportsapparel maker Puma by distributing the stake to its own shareholders.

The Paris-based company said it would ask shareholders to approve distributing 70 per cent of Puma’s outstanding shares, which would reduce Kering’s stake to 16 per cent from 86 per cent. That would permit Kering to focus on its luxury business through brands including Gucci, Balenciaga and Stella McCartney.