HERZOGENAURACH, Germany -- (BUSINESS WIRE) --
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.
PUMA
PUMA is one of the world's leading Sportlifestyle companies that designs and develops footwear, apparel and accessories. It is committed to working in ways that contribute to the world by supporting Creativity, SAFE Sustainability and Peace, and by staying true to the principles of being Fair, Honest, Positive and Creative in decisions made and actions taken. PUMA starts in Sport and ends in Fashion. Its Sport Performance and Lifestyle labels include categories such as Football, Running, Motorsports, Golf and Sailing. Sport Fashion features collaborations with renowned designer labels such as Alexander McQueen, Mihara Yasuhiro and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra Golf and Tretorn. The company, which was founded in 1948, distributes its products in more than 120 countries, employs more than 9,000 people worldwide and has headquarters in Herzogenaurach/Germany, Boston, London and Hong Kong. For more information, please visit http://www.puma.com
CONTACT:
PUMA AG
Ulf Santjer, Corporate Communications
+49 9132 81 2489
ulf.santjer@puma.com