BERLIN — PPR has increased its grip on Puma.
The French retail and luxury concern now holds 75.1 percent of Herzogenaurach, Germany-based Puma SE, Europe’s second-largest sporting goods firm after Adidas, up from its previous 71.6 percent stake. The new figure includes 1.15 percent of stock that will remain held by Puma.
Last month Puma reported strong second-quarter results, said to be the best for sales in the company’s history, and confirmed its full-year sales target of 3 billion euros, or $4.29 billion at current exchange. Former Puma chief executive officer Jochen Zeitz became head of the sport and lifestyle division and chief sustainability officer for PPR and executive chairman at Puma, while Franz Koch took over as Puma’s ceo.
Puma also last month finished its transformation from a German Aktiengesellschaft, or AG, into an SE, or European corporation. In a letter to shareholders, Zeitz stated that these corporate changes place Puma firmly as a core brand of PPR’s newly created sport and lifestyle division, and positioned for growth.
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Puma’s stock closed Monday at 198.75 euros, or $284.11, down 4.2 percent.