PARIS—Luxury goods company Kering moved to shed most of its controlling stake in the German sportswear company Puma, announcing a plan to distribute 70% of Puma’s shares to Kering shareholders. Thursday’s move leaves Kering focused almost exclusively on luxury goods, completing a strategic shift after years of owning sportswear and lifestyle brands. Without a major investment in Puma, Kering’s fortunes will be even more closely tied to the future of Gucci, its flagship brand and one of the hottest names in fashion.

Source: Wall Street Journal January 11, 2018 22:19 UTC