French luxury goods retail group PPR shares Puma sportswear brand

The French luxury goods retail group PPR announced yesterday that it agreed to acquire a 27.1 percent stake in German sportswear brand Puma and will make a proposal for a full purchase.

PPR has a range of high-end fashion brands, including Yves Saint Laurent and Gucci. PPR acquired the shares held by the Hertz family at a price of 330 Euros per share. The offer was equivalent to setting Puma's market value to 5.7 billion Euros (approximately HK$58.8 billion).

PPR pointed out that Puma's popularity is in line with the Group's brand requirements, and PPR's resources will help Puma explore the international market and develop high-end products.

Puma’s statement stated that it welcomes PPR’s acquisition proposal and allows Puma to receive support from a strong international company. He said that the company will benefit from PPR’s international status, a strong portfolio of high-end brands, and expertise in the retail industry. The outside world has been speculating that Puma will become the acquisition target, especially after its rival Adidas was acquired by Reebok last year.