Luxury group Kering seeks buyer for skater brand Volcom

Volcom will probably get a new owner soon. The French luxury group Kering recently announced that it had taken its first steps to sell the skatewear label.

Volcom is Kering's last remaining non-luxury brand, including Gucci, Balenciaga and Yves Saint Laurent. The company acquired Volcom in 2011 for $608 million. Now, however, it is changing its strategy and only wants to concentrate on its high-end, high-margin labels.

"In line with Kering's strategy to focus entirely on the development of its luxury homes, Volcom is no longer a core brand, so Kering has initiated a sale process," said Kering. The French are also preparing to spin off Puma.