Ker­ing to sell its last non-lux­ury la­bel Vol­com; Fo­cus on higher mar­gin brands

Apparel Online - - Retail Current -

French lux­ury con­glom­er­ate Ker­ing, owned by the Pin­ault fam­ily, is all set to be­come a pure-player in lux­ury and wants to sell the last of its sports and life­style ac­qui­si­tions. In a re­cent an­nounce­ment, the com­pany has said that it is look­ing to sell its skate-in­fused streetwear brand Vol­com. In a state­ment from the Group, it said: “In ac­cor­dance with Ker­ing’s strat­egy to fully ded­i­cate it­self to the de­vel­op­ment of its lux­ury houses, Vol­com no longer con­sti­tutes a core as­set and Ker­ing has ini­ti­ated a dis­posal process.” Ker­ing had bought

Vol­com in 2011 for US $ 608 mil­lion af­ter hav­ing ac­quired Puma in 2007 and Co­bra Golf in 2010 as a way to ex­pand into the boom­ing world of sportswear. How­ever, in 2017, François-Henri Pin­ault ex­ited Puma’s board and in Jan­uary 2018, it was an­nounced that Ker­ing is sell­ing its ma­jor­ity stake in Puma to fo­cus on other higher mar­gin brands in its port­fo­lio. At the time of an­nounc­ing Puma’s dis­missal, a press state­ment was re­leased that said, “This pro­posal will al­low us to strengthen our sta­tus as the best in the sec­tor. Ker­ing is aim­ing to con­tinue grow­ing and de­vel­op­ing its en­sem­ble of lux­ury houses in cou­ture, leather goods, watches and jew­ellery, lever­ag­ing its higher cash flow gen­er­a­tion and a solid fi­nan­cial sit­u­a­tion.” At the mo­ment, Ker­ing owns some of fash­ion’s biggest her­itage brands in Europe in­clud­ing Gucci, Yves Saint Lau­rent, Ba­len­ci­aga, Alexan­der Mc­Queen, amongst sev­eral oth­ers.

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