Artemis, the Pinault family’s holding company that controls Gucci-owner Kering, has ruled out selling its 29% stake in sportswear brand Puma at current market levels and is not engaged in any deal talks, according to a person close to the firm.
The remarks follow an August report by Bloomberg that Artemis was exploring options to sell its stake, valued at around US $ 960 million.
The source confirmed Artemis had received approaches from several potential buyers, including private equity funds and industry peers. However, they stressed that no negotiations were under way.
Puma’s shares have fallen by more than 60% over the past two years, reflecting challenges in holding market share in footwear and apparel and weaker consumer interest in newer launches such as the Speedcat sneaker.
The person added that while Artemis did not intend to keep Puma in its portfolio indefinitely, “now is not the right time to sell.”
Artemis has faced questions over its debt levels as it looks to diversify amid slowing luxury sales. The source emphasised that Artemis was under no pressure to dispose of assets, saying the firm faced no debt maturities this year or next. They also expressed confidence in Puma’s newly appointed chief executive Arne Hoeld to lead a turnaround.
The Pinault family acquired its stake in Puma in 2018, when Kering spun off the brand to sharpen its focus on luxury labels such as Gucci and Saint Laurent.
