Puma Trainers + Puma Clothing = PPR
Puma Trainers to cross the German/French border? PPR announced that it has taken a 27% stake in German sportswear retailer Puma. The French luxury goods group confirmed that it planned to take over the rest of the company for â‚¬5.3 billion. With the sale of their stake to PPR, siblings Gunther and Daniela Herz, until now Puma’s largest shareholders, have relinquished all control of Puma.
â€œThe Puma Board of Management unanimously believes that PPR’s engagement is in the best interests of the company and that the announced offer price per share of â‚¬330 for the voluntary public take-over offer is fair,â€ said Jochen Zeitz, chairman and chief executive of Puma. â€œGoing forward Puma can utilize PPR’s premium segment design and sourcing expertise, contributing to the further improvement of Puma’s product offering. Additionally, PPR’s experience in worldwide retail, wholesale and multi-brand management will provide valuable support to Puma’s brand expansion plans.â€