Kering Sells Off 5.9 Percent Stake in PUMA

Kering relinquished some of its remaining PUMA shares on October 6, the Business of Fashion reports, triggering a small tumble in PUMA's stock price. Specifically, Kering's announcement that it had sold off its 5.9 percent stake, worth approximately €656 million EUR ($772 million USD), initiated a 3.5 percent drop for PUMA, the latest in the sportswear giant's financial woes, though this misstep will likely be recovered shortly.As its luxury labels take more of Kering's focus, like Gucci, Bale...