Licence agreement between PUMA and E-Land will expire end of 2007
The sportlifestyle company PUMA AG announces today that it will serve the South Korean market directly through its 100% subsidiary PUMA Korea, effective January 1, 2008.
As negotiations based on a PUMA offer to extend the cooperation beyond the current license agreement with E-Land failed, the licence agreement will regularly expire with the end of its contracted term on 31 December 2007.
Until the expiration of the licence agreement PUMA will fully support E-Land for a continued successful business during 2007 and for a smooth transition to PUMA Korea. In this context, PUMA would like to thank E-Land for the long term partnership.
Jochen Zeitz, CEO of PUMA AG: “PUMA Korea will ensure to maximize the PUMA brand potential on the South Korean market with the aim to become the most desirable sportlifestyle company worldwide.”
With the new subsidiary PUMA accelerates its regional expansion in the Phase IV of the long-term company development plan. The South Korean market represents one of the largest markets for PUMA’s distribution in Asia. The aim of PUMA Korea is to fully explore the PUMA brand potential in the South Korean market in the coming years.