European shares declined in early deals as worries over rising bond yields trumped a slew of well-received earnings updates from Kering and Credit Suisse.
Kering shares rose to record highs on Wednesday after booming first quarter sales growth at the French luxury company.
Puma outlined new mid-term targets, expecting to lift currency-adjusted sales by around 10% a year up to 2022 and raise its operating profit margin to about 10%.
Burberry will team up with Farfetch to make all of its products available to internet shoppers in 150 countries, the British fashion company said.
The pan-European STOXX 600 index was down 0.2 percent by 0830 GMT with most bourses and sectors flat or in negative territory.
Shares in LVMH, the world’s biggest luxury goods group, rose after the company reported higher sales and profits and said it had made a favourable start to 2018.
Puma shares slumped 14 percent, with some traders mentioning broker downgrades to the stock following the deal.
A gain of around 20 percent in GKN and strength in the auto sector drove the STOXX 600 index up 0.1% by 0814 GMT.
Puma has no plans to take on other brands such as Kering’s (PRTP.PA) Volcom for the moment, the German sports brand’s chief executive said.
French luxury group Kering delivered a record 28.6 percent increase in first-quarter comparable sales on Tuesday, beating market expectations.