France's Kering said Thursday it would distribute shares in German sporting goods maker Puma to its shareholders to focus exclusively on the luxury sector.

"The contemplated project would enable Kering to reinforce its status as a leading pure player in luxury with an enhanced, best-in-class profitability," said the firm which owns brands such as Gucci, Saint Laurent, Balenciaga and Stella McCartney.

Kering said its board of directors had approved unanimously distributing about 70 percent of Puma's outstanding shares.

The holding company of the Pinault family, Artemis, which owns nearly 41 percent of Kering, plans to be a long-term strategic investor in Puma with a stake of approximately 29 percent, the statement said.

Chief executive Francois-Henri Pinault said the move would be a milestone for Kering, allowing it to dedicate itself to developing its luxury houses.

He said it would also benefit shareholders.

"This operation would enable our shareholders to directly benefit from Puma’s future value creation," said Pinault, adding that the firm has the capabilities to take advantage of growth opportunities.