Kering seen selling stake in Puma after revival falls short

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.