Joint Venture with UNISOL S.A.
Herzogenaurach, Germany, December 19, 2005 – The Sportlifestyle company PUMA announces that as of January 2006 it will become the majority shareholder of UNISOL S.A. UNISOL is the current PUMA licensee for footwear, apparel and accessories in Argentina and has been responsible for the distribution of PUMA products in Argentina for almost 30 years. With this joint venture PUMA accelerates its regional expansion at the start of phase IV of its long-term company development plan.
UNISOL not only has valuable know-how of the local market, but also combines broad product and marketing experience with an extensive manufacturing background. Through this joint venture PUMA’s position in Argentina will be further strengthened and maximized. Argentina currently is the largest market for PUMA in Latin America.
Jochen Zeitz, CEO and Chairman of PUMA AG: “As licensee UNISOL have done an outstanding job in the past – not only in building the brand, but also in extending brand visibility. With the new partnership as well as our direct involvement in the management of all aspects of our brand, we will ensure that we jointly capitalize even more on future opportunities and further accelerate desirability throughout the South American market.”
Nisan Devecyan, Managing Partner of UNISOL S.A.: “We would like to thank PUMA for the trustful partnership over the past decades. Now with this joint venture cooperation we will be able to quickly explore the further potential in the Argentine market.”