(Reuters) - French luxury group Kering (PRTP.PA) said on Friday it had taken steps to sell skatewear label Volcom, its last remaining non luxury brand, as it focuses on its high-margin, high-end labels.
Kering is also preparing to spin off German sportswear brand Puma (PUMG.DE), which will leave it with brands ranging from Gucci to Yves Saint Laurent.
It acquired Volcom in 2011 for $608 million.
“In accordance with Kering’s strategy to fully dedicate itself to the development of its luxury houses, Volcom no longer constitutes a core asset and Kering has initiated a disposal process,” the group said in a statement.
In a separate move, Kering and fashion label Stella McCartney said last week they had agreed to end their 17-year partnership and the British designer behind the brand would buy out Kering’s 50 percent stake.
Reporting by Ingrid Melander; Editing by Susan Fenton