Kering, the French majority owner of Puma, has reported mixed results for the first quarter of 2015. Sales were up by 11.4 percent to €2.7 billion, but excluding non-recurring items, such as acquisitions and currency effects, turnover slipped by 0.6 percent. The good news was that Puma impressively boosted its global sales by 13 percent to €825 million. Excluding currency effects, turnover grew by 4.5 percent. Apparently, it was mainly the weakness of the euro that supported the German brand’s performance.
For Kering, good development in the sports division including Cobra, Tretorn and Volcom, was offset by difficulties in the luxury goods segment, notably at Gucci. The legendary brand apparently suffered from an overly strong expansion, which harmed both the exclusivity and image of the high-end fashion label.