German Foreign Minister Dr. Frank-Walter Steinmeier welcomed François-Henri Pinault, PUMA’s Chairman of the Supervisory Board and CEO of PPR, and Jochen Zeitz, Chairman and CEO of PUMA, in the Federal Foreign Office in Berlin last week. The Foreign Minister was updated on the progress of the integration of both companies one year after PUMA had been taken over by the French PPR Group and praised the successful cooperation: “I am delighted about the authentic French-German partnership between PUMA and PPR. This partnership has a strong significance for Germany as a business location”.
“We have been working with PUMA for a year now, and without a doubt, PUMA and PPR are a perfect fit,” said François-Henri Pinault. “This is a very good example of a successful cooperation between Germany and France, which benefits both countries. The main reason why our partnership is working so well is because both, PUMA and PPR, are companies that are driven by a deep innovation and entrepreneurial spirit. Although we have both strong roots in our respective countries, we are real global players who want to expand their brands worldwide”.
Jochen Zeitz, Chairman and CEO of PUMA: “One year after the take over, the partnership with PPR proved to be a symbiotic partnership, where one company supports the other in achieving its long-term corporate goals. We have found a strategic stakeholder in PPR that shares our vision and our distinctive culture. PUMA and PPR match each other perfectly and we are delighted that our partnership is considered to be a successful example of a French-German collaboration”.
PPR Group acquired a 62.1% share in PUMA in July 2007, and has increased its stake to 64.34% (corresponds to 66.8% of the shares outstanding) to date. The aim of the take over was to integrate PUMA as an autonomous company within the PPR Group.