Artemis Rules Out Puma Stake Sale at Current Value

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, emphasizing that it is not engaged in any deal negotiations despite interest from potential buyers. The stake, valued at around $960 million, has attracted approaches from private equity funds and industry peers, but Artemis considers Puma worth much more than the current market valuation. Puma’s shares have declined over 60% in the past two years due to challenges in maintaining market share and weaker consumer interest in new products like the Speedcat sneaker. While Artemis does not view Puma as a strategic asset and does not intend to keep it indefinitely, the firm states that now is not the right time to sell and expresses confidence in the brand's newly appointed CEO to lead a turnaround. The holding company has faced scrutiny over high debt levels amid a slowdown in luxury sales, but insists it is under no pressure to dispose of assets given no immediate debt maturities. Francois-Henri Pinault, Artemis chairman, has confirmed that all options remain open regarding the Puma stake, underscoring a cautious but flexible approach to its future.