Puma Sits in Lap of Luxury

Pinault-Printemps-Redoute (PPR) made a $7.07 billion (5.3 billion euro) bid to add German sportswear company PUMA AG to its line-up of Gucci and Yves Saint Laurent iconic fashion brands. The management board of PUMA welcomes the acquisition by the French luxury goods company of the stake of Mayfair in PUMA, as well as the intended voluntary public takeover offer by PPR to PUMA shareholders. As a result, PUMA will receive the support of a financially strong and leading international company as it implements the next phase of its expansion strategy, and will also benefit from PPR's global positioning, strong portfolio of premium brands and expertise in the retail business. For example, last year, PUMA strengthened its external design portfolio through a partnership with Alexander McQueen, who is subsequently part of the PPR Group, along with many other top designers. Going forward PUMA can utilize PPR's premium segment design and sourcing expertise, contributing to the further improvement of its product offering. In the context of the planned transaction there will be no changes with regard to staffing. The PPR Group acknowledges and fully supports that the current board, management and employees of PUMA will continue to work on the successful implementation of the company's strategy. Additionally, all PUMA locations, including headquarter locations in Herzogenaurach, Hong Kong and Boston, will retain their full independence.  //