Herzogenaurach, Germany, May 16, 2012
PUMA SETS UP 100% SUBSIDIARY IN ISRAEL
The Sportlifestyle company PUMA announces today that it has established a 100% owned subsidiary in Israel in order to be able to exercise full control of its business activities there. PUMA Israel will begin operations on January 1st, 2013. Guy Daneman has been appointed as the General Manager with immediate effect. Grundman Sports Co., PUMA’s current distributor, will continue to operate the business until December 31st, 2012.
The new subsidiary will continue to strengthen PUMA’s position in the EMEA region, ensuring that the Sportlifestyle company taps into the potential that the Israeli market offers. PUMA plans to open PUMA stores in strategic locations as of 2013, and will be in sole charge of driving growth and harnessing opportunities in Israel as part of PUMA’s five-year growth strategy “Back on the Attack”.