Joint Venture with private investment company Tavistock Group
Herzogenaurach, Germany, April 24, 2006 – The Sportlifestyle company PUMA and Tavistock Mexico Holding S.A., a wholly owned subsidiary of the Tavistock Group private investment company, today announce that they have agreed in principle to form a joint venture as of July 1, 2006, in which PUMA will become the majority shareholder. With this joint venture PUMA continues its regional expansion at the start of phase IV of its long-term company development plan.
Tavistock Holding S.A. possesses extensive sales and marketing experience with deep retail and distribution infrastructure in the Mexican market on which to further build the PUMA business. The aim of this partnership is to jointly explore the potential of the PUMA brand with its high brand awareness in the Mexican market, as well as to further enhance PUMA´s position as a desirable Sportlifestyle brand.
Jochen Zeitz, CEO and Chairman of PUMA: “During the past years, Tavistock has demonstrated thorough knowledge of the Mexican market. Tavistock´s ability to understand the complexities of such a country was crucial for achieving the impressive growth rates that PUMA has experienced in recent years. Their continuous support will be instrumental in achieving the ambitious goals we have set for Mexico in the context of our Phase IV long term development plan.”
Mario Espinosa, Chairman of Tavistock Mexico Holding S.A.: “We are pleased to continue our relationship with PUMA in a joint venture. We are very confident that by working closer together we will be able to unleash the potential of the Mexican market and expand the PUMA business.”