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%).