PARIS, France — French luxury group Kering said on Friday it had taken steps to sell skatewear label Volcom, its last remaining non-luxury brand, as it focuses on its high-margin, high-end labels.
It acquired Volcom in 2011 for $608 million.
"In accordance with Kering's strategy to fully dedicate itself to the development of its luxury houses, Volcom no longer constitutes a core asset and Kering has initiated a disposal process," the group said in a statement.
In a separate move, Kering and fashion label Stella McCartney said last week they had agreed to end their 17-year partnership and the British designer behind the brand would buy out Kering's 50 percent stake.
By Ingrid Melander; Editor: Susan Fenton.