Kering announced that it has completed the sale of its US sports and lifestyle brand Volcom. US company Authentic Brands Group (ABG) has purchased the intellectual property rights of Volcom, effective from the 1^st of April 2019.

The current Volcom management team has acquired the operating license of Volcom and will continue the development of its operations based in the US, France, Australia and Japan.

Volcom was acquired by Kering in 2011. The sale follows Kering’s decision in 2018 to focus on the development of its Luxury Houses, establishing its status as a leading pure player in the sector.

As a reminder, Volcom has been classified since 2018 as discontinued operations under the requirements of IFRS 5. The disposal will not materially affect the Group, either in terms of the profit/loss from discontinued operations (a non-significant capital loss) or cash flow (encashment of sale price).