Volcom put up for sale as owner focuses on luxury
10/04/2018
In a statement, the group said: “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.”
Kering acquired Volcom in 2011 for $608 million.
Earlier this year, Kering offered its shareholders the option of receiving shares in another of its sports brand, Puma, in place of cash dividends. It intends to retain a 16% stake in Puma.
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