French luxury group PPR has no plans to sell Puma stake

French luxury goods group PPR SA (EPA:PP), which owns a  83% stake in of Puma SE (ETR:PUM), is not looking to increase its interest in the German sporting equipment company at present, PPR’s managing director Jean-Francois Palus said.

Speaking at Puma’s annual shareholder meeting, Palus, also the chairman of the sportswear company, said PPR will focus for the moment on supporting Puma’s transformation aimed at allowing it to take advantage of its potential.

Puma makes and sells sports and sport lifestyle footwear, apparel and accessories under the Puma, Tretorn and Cobra Golf brands.

PPR plans to change its name to Kering as of June, subject to shareholders approval at their annual meeting on 18 June 2013.