Artemis Faces Investor Scrutiny Over High Debt Amid Puma Stake Moves
Paris – Artemis, the holding company of the Pinault family that controls luxury giant Kering, has drawn fresh attention from investors over the high levels of debt it has taken on while expanding into luxury, arts, and entertainment ventures.
A spokesperson for Artemis, the largest shareholder in sportswear brand Puma, declined to comment. Puma did not immediately respond to a request for comment.
Despite a sharp decline in Puma’s shares over the past two years—losing more than 60% of their value—the stock jumped 18% at 1353 GMT on Monday.
Bloomberg, citing unnamed sources, reported that the Pinault family is working with advisors to explore options for the Puma stake and has contacted potential buyers. The stake is valued at roughly 800 million euros ($937 million), based on Puma’s market capitalization before Monday’s surge.
Earlier this year, Artemis had issued a 500 million euro exchangeable bond to reduce its holding in Puma. However, due to the sportswear company’s weak share performance, Artemis had to repay investors in cash rather than company stock.
Despite these financial moves, Artemis said last month that it is not facing liquidity issues, even with a drop in dividends from Kering and other assets, including Puma.
Artemis first acquired its stake in Puma after Kering restructured its portfolio in 2018, transforming into a pure luxury group and spinning off the sportswear business.
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