Luxury goods firm Kering SA announced that the spinoff of footwear unit PUMA SE has taken effect May 16, after receiving shareholder approval during the group's annual general meeting.

As disclosed Jan. 11, Kering will retain a 15.85% holding in the German sports company after distributing 70% of Puma's outstanding shares to Kering investors. Shareholders will get 1 Puma share for every 12 Kering shares they own.

The French conglomerate's decision was made in a bid to become an entirely luxury player.