The Canadian PressFebruary 21, 2014 09:32
PARIS - Kering, the corporate parent behind Saint Laurent couture and Puma streetwear, says profits were nearly wiped out last year by costs associated with disposing of its retail chains Fnac and Redcats.
The company, known until last year as PPR, reported net profit of only 50 million euros ($69 million) last year, down from 1 billion euros in 2012.
The name change is part of the group's plan to focus on high-end fashion and trendy sports brands. It owns the Gucci and Stella McCartney brands as well as surf- and skate- fashion house Volcom.