Kering Completes Luxury Transition With Volcom Sale

PARIS — Kering has sold action sports brand Volcom, formally completing its transformation into a pure luxury player. Authentic Brands Group, a brand management firm whose portfolio includes Vince Camuto, Nine West and Hervé Léger, has acquired the intellectual property assets for Volcom, effective April 1, Kering said in a statement on Tuesday. “The current Volcom management team has acquired the operating license of Volcom and will continue the development of its operations based in the U.S., France, Australia and Japan,” it added. Kering bought Volcom in 2011 as part of its sports and lifestyle division, headed at the time by German sporting goods firm Puma. In 2016, it offloaded its Electric eyewear brand. Last year, the owner of brands including Gucci, Saint Laurent and Balenciaga completed the spin-off of the bulk of its stake in Puma, and classified Volcom among its non-current assets held for sale and discontinued operations. In parallel, it is selling back its stakes in Stella McCartney and Christopher Kane to their respective owners, and it ended its partnership with Tomas Maier in his signature brand. The Volcom sale will not have a material impact at the group level, either in terms of net result from discontinued operations or cash flow, Kering

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