Puma says to take full control of JV from Swire

Puma says to take full control of JV from Swire

Hong Kong: German sporting goods company Puma will acquire a 49 interest it does not own in a joint venture with Swire Pacific, taking full control of its business in Hong Kong and China from 1 January next year.

Puma will be solely in charge of its growth strategy in the Chinese market and will expand its China business by upgrading and opening Puma Stores, it said in a statement but gave no value for the deal.

“With the acquisition and full control over managing all aspects of the Puma brand, we will ensure that we better capitalise 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, in the statement.

A Swire spokesperson confirmed the deal but declined to comment further.

Puma, which is controlled by France’s PPR, raised its sales outlook and posted bumper profits, following in the footsteps of rivals Adidas and Nike to benefit from a global economic recovery.