Time for PPR to play a different game?

PPR's shares rose after it announced strong earnings driven by its luxury division, which includes brands such as Gucci and Bottega Veneta. However, the French group's sport and lifestyle business – dominated by Puma – was the laggard, with operating profit down 12 per cent. Lex's Nikki Tait and Oliver Ralph consider whether it is time for PPR to give Puma the boot.