Pinault’s Artemis rules out Puma sale for now, source says

Artemis, the Pinault family’s holding company that controls Gucci-owner Kering, will not sell its 29% stake in sports brand Puma at the current market value and is not engaged in talks over a deal, a source close to the firm told Reuters on Thursday.

The comments — the first from a source with detailed knowledge of the private firm’s operations — follow an August report by Bloomberg stating that Artemis was sounding out potential buyers for its $960 million stake in Puma.

Puma shares surged 15% on August 25, but have since lost most of those gains.

The source, who declined to be named because the information was private, said Artemis had been approached by many potential suitors for its stake — including private equity firms and sector peers — but emphasized that the firm was not negotiating anything at this time.

“Would we sell at this level? Never in our lives… We consider that Puma is worth much more than that,” the person said, while echoing public comments from Artemis chairman François-Henri Pinault earlier this week that Puma was not “strategic.”

Puma shares fell as much as 4.7% in Frankfurt trading following the publication of the comments. By 3:12 p.m. GMT, the shares were down 3.6%, having traded as high as 1.5% earlier in the day.

Puma’s stock has lost over 60% of its value in the past two years, as the brand has struggled to maintain its market share for footwear and apparel and generate interest in newer sneaker models, such as the Speedcat.

The source said that while Puma would not remain in Artemis’ portfolio “forever,” now was not the right time to sell.

Puma declined to comment when contacted by Reuters.

Pinault’s investment vehicle — which, in addition to Gucci-owner Kering, also controls auction house Christie’s and Hollywood talent agency CAA — has come under investor scrutiny for the high levels of debt accumulated across its portfolio, as it seeks to diversify amid declining luxury sales.

The source close to Artemis declined to name specific investors but noted strong interest from both sector peers and financial investors “seeking to position themselves.”

The Pinault family acquired its stake in Puma in 2018 from Kering, when the luxury group spun off the holding and refocused on its high-end fashion portfolio, centered on brands like Gucci and Saint Laurent.

The source added that Artemis has full trust in the newly appointed Puma CEO, Arne Hoeld, to turn the company around and emphasized that Artemis is not facing any debt maturities this year or next that would force it to sell assets.