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Kering says will make acquisitions only once Puma turned around
April 24, 2014 / 5:03 PM / 4 years ago

Kering says will make acquisitions only once Puma turned around

PARIS (Reuters) - French luxury and sports brand group Kering (PRTP.PA) on Thursday said it would go back on the acquisition trail in the sports and lifestyle sector only once it had turned around Puma.

A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach February 20, 2014. REUTERS/Michaela Rehle

“We will resume acquisitions once Puma’s results have improved,” Kering Deputy Chief Executive Jean-Francois Palus told a conference call with investors about the group’s first quarter sales.

Puma has been suffering from declining sales for several quarters as its strategy to revamp the brand and introduce new, more technical running shoes has been taking time to yield results.

Reporting by Astrid Wendlandt; editing by Maya Nikolaeva

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