Paris

KERING is open to selling its majority stake in Puma after struggling for eight years to turn around the German sporting-goods maker, according to people familiar with the matter.

The owner of Gucci views Puma as peripheral to its long-term strategy as its goal to complement its luxury brands with athletic labels hasn't worked, said one of the people, who asked not to be named discussing confidential matters. A formal sale process hasn't started, the people said, and won't until next year as Kering focuses on boosting Puma's sales. A spokeswoman for Paris-based Kering declined to comment.