TEXT OF STORY
MARK AUSTIN THOMAS: The German sportswear maker Puma has welcomed a multi-billion dollar takeover offer from the French luxury group PPR. From the European Desk, Stephen Beard reports.
STEPHEN BEARD: PPR, whose brands include Gucci and Yves Saint Laurent, has bought a 27 percent stake in Puma and it’s offered to buy the rest of the company for $7.1 billion.
Puma is practically purring with delight.
The German company describes PPR as the perfect partner. Justin Urquart-Stewart of Seven Investment agrees that the two companies should work well together.
JUSTIN URQUART-STEWART: You take the combination of Puma which is very well-known obviously for its sportwear and its shoes but then add the style of the luxury goods brand management that PPR is so good at and actually you’re dealing with a very logical fit.
The link between fashion and sportswear is well-established in the West, but says Urquart-Stewart, the real growth market is China, where he reckons the demand for trendy sportswear will boom in the run-up to the Beijing Olympics in 2008.
In London, this is Stephen Beard for Marketplace.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.
Cheers to trustworthy journalism!
Give just $7/mo to get your KaiPA glass.