Kering Sells Puma Stake for $1 Billion in Shift to Luxury

Gucci owner Kering SA completed the sale of a 5.9% stake in Puma SE paring an investment in the sports-shoe maker to focus on higher-end luxury.

The French company sold 8.9 million shares in the German brand for 90.3 euros apiece, or a total of about 805 million euros ($982 million), according to a statement on Thursday. Following the accelerated bookbuilding process, Kering will own 4% of Puma.

The transaction comes after a previous sale in October of the same size.

Kering began reducing its holding in the sneaker and sportswear brand in 2018, more than a decade after investing ...