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The shift will see Kering reduce its stake to 16 percent from 86 percent, with Kering shareholder Artemis winding up with a 29 percent stake in the sports brand, and about 55 percent of Puma’s stock free-floating on the stock market.

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Jean-Marc Duplaix, Kering’s chief financial officer, said that the group chose not to sell Puma outright in order to avoid a lengthy sale process that would destabilise the brand, which has seen revenue growth owing in part to its high-profile collaboration with Rihanna.

François-Henri Pinault, chief executive officer and chairman, added that the distribution is a “significant milestone” in the company’s history: “Kering dedicating itself entirely to the development of its luxury houses, whose enduring appeal, built on creative audacity and innovativeness, will allow us to continue to gain market share and create value,” he said.

We are proud to have supported the turnaround of Puma, which now has unrivalled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth.