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Shares in Puma jumped more than 115 points on November 3, with three traders citing talk of a bid for French group Kering's 86% stake in the German sportswear company reports the Economic Times. Kering own several luxury brands such as Gucci and Yves Saint Laurent.
Kering and Puma both declined to comment.
"There are rumours saying Kering found a buyer for its stake in Puma," one Paris-based trader said. Shares of Puma were up 11.8% at €187.20 ($234) at 1000 GMT, having hit a high of €195.30 earlier in the day. Kering has been restructuring the brand in recent years following a poor financial results. Kering's Sport & Lifestyle activities, which includes Puma posted solid growth in the third quarter of 2014 with revenue up 6% on a comparable basis.
Puma, which launched its global advertising campaign Forever Faster in early August, recorded very positive third-quarter growth with accelerated sales momentum (up 6% on a comparable basis). This upswing is mainly due to the success of the 2014 Autumn/Winter collection, improved performances in Western Europe (up 6%) – the brand's historic market – and footwear's return to sales growth (up 2%).comments powered by Disqus