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Puma sees sneaker growth persisting as Gucci owner lets go

Puma expects operating profit to rise by as much as one-third this year as its sneakers and hoodies find their way into more young shoppers’ wardrobes

Munich/Frankfurt: Puma SE is counting on the trend of sneakers invading schools and offices to continue unabated, bolstering its growth as an independent company.

The German sportswear company said Monday it expects operating profit to rise by as much as one-third this year as its sneakers and hoodies find their way into more young shoppers’ wardrobes.

The forecast comes after majority owner Kering SA last month said it plans to pass on most of its stake to investors to focus on luxury brands like Gucci, with shareholders voting on the proposal on 26 April. While that means more than half of Puma’s shares will be traded freely, they have fallen since then because the announcement ended speculation about a possible takeover of the sportswear company.

Booming demand for suede sneakers, classic tracksuits and other “athleisure” wear helpe…

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