July 26, 2018 / 5:47 PM / 4 months ago

Luxury group Kering says it has finished selling off brands

PARIS (Reuters) - Kering (PRTP.PA) does not intend to sell off any more of its smaller fashion brands beyond the ones already on their way out, the group’s managing director Jean-Francois Palus said on Thursday.

The Paris-based luxury conglomerate said in June it was in talks with Christopher Kane to sell the eponymous label, in which it had a 51 percent stake, back to the British designer. It is also ending a joint venture with Stella McCartney.

“The common pattern of those brands is that we did not fully control them,” Palus told a conference call with analysts after publishing first half results. “We do not intend to dispose of any other brands of our current portfolio.”

Earlier this year Kering spun off the majority of its stake in German sportswear label Puma to its shareholders, and also signaled it was selling skatewear brand Volcom, as it refocuses purely on luxury.

Kering also said on Thursday it was focused on building up its business organically, rather than through acquisitions.

Reporting by Sarah White, Editing by John Irish

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