(Reuters)

Artemis, the holding company of France’s Pinault family, is weighing options for its 29% stake in Puma SE, including a sale, Bloomberg reported on Monday, boosting the sportswear maker’s shares.

A spokesperson for Artemis, which controls luxury group Kering, declined to comment. Puma did not immediately reply to a request for comment.

Shares in the German sportswear maker, which have lost over half of their value over the past two years, were up 18% at 1353 GMT.

Citing unnamed sources, Bloomberg reported the Pinaults were working with advisors to assess options for the asset and had reached out to potential buyers.

Artemis, which also owns some other businesses in the luxury, arts and entertainment industries, has become the subject of increased scrutiny from investors after Reuters reported it had accumulated high debt across its portfolio as it sought to diversify investments.

The holding last month said it was not facing any liquidity problems due to a drop in dividends from Kering and other assets, including Puma.

Artemis had acquired its stake in Puma following a reshuffle of Kering’s portfolio in 2018 when the Gucci-owner, which until then also controlled Puma, was transformed into a pure luxury player.