Kering is moving to reduce its stake in Puma by issuing bonds that can be exchanged for shares in the brand, according to Reuters.

Kering still has a 15.7 percent share in Puma after selling off 70 percent of it to its shareholders last year.

Kering’s €550 million dollar bond issue is due in 2022, and will be the equivalent of between 3.5 to 3.7 percent of the share of capital of Puma.