Herzogenaurach, Germany, October 27, 2010
PUMA TAKES OVER FULL CONTROL OF BUSINESS IN CHINA
The Sportlifestyle company PUMA will acquire 100% of its long-term Chinese joint venture Liberty China Holding Ltd., effective 1 January 2011, to be in full control of its business activities in China and Hong Kong. Liberty has been a Joint Venture between PUMA and Swire Resources Ltd., of which PUMA has owned 51%. Under the Liberty Holding, PUMA China Ltd. and PUMA Hong Kong Ltd. have been responsible for the distribution of PUMA products in Hong Kong and Mainland China for several years and will continue to do so.
Through the full take over, PUMA’s position in China will be further strengthened and maximized, making sure that the Sportlifestyle Company taps into the large potential that the biggest market in Asia offers. PUMA will be in sole charge of driving its growth strategy to capture all opportunities on the Chinese market as part of PUMA’s five-year company strategy.
“With the acquisition and full control over managing all aspects of the PUMA brand, we will ensure that we better capitalize on future opportunities and accelerate brand development in Asia Pacific within the next phase of our company’s development” said Jochen Zeitz, Chairman and CEO of PUMA. “We thank Swire for being our partner in the first stage of our business operations in China and Hong Kong.”
PUMA’s five-year company strategy envisages a long-term sales potential of 4 billion Euros deriving from organic growth through assessing growth potential in mature and emerging markets and prioritizing investment opportunities among other.
As part of its ambitious strategy plan for the region Asia Pacific, PUMA will expand its business in China by upgrading and opening PUMA Stores with new store designs and strengthening its cooperation with its existing business partners.