Kering said it plans to sell its Volcom, the action sports brand, to focus purely on luxury goods.

“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.

Kering acquired Volcom, which sells skateboarding, snowboarding and surfing apparel, for $608 million in 2011.

Kering also announced in January plans to spin off Puma. Last week, the company announced it would sell its 50 percent stake in Stella McCartney back to the U.K. designer.