Sportlifestyle Company PUMA herewith declares that the former Spanish license holder Estudio 2000 S.A., which owned several PUMA trademark rights, has been obliged to vest these to PUMA according to the arbitration ruling. Through the vesting of all of the word, image and combined PUMA trademark rights in Spain, PUMA would ultimately own all trademark rights and take over the operational business in Spain, hence ensuring a consistent brand management strategy.
According to the arbitration ruling, the vesting of the trademark rights is subject to a one-time payment of up to 98 million Euros to Estudio 2000 S.A.. However, after a thorough legal assessment, PUMA will challenge the ruling. Management believes that a favourable outcome is more likely than not. Pursuant to § 15 WpHG PUMA informs herewith the financial markets of this contingent liability.
This ad hoc release does not constitute an offer to sell nor is it a solicitation to buy any securities.
PPR has always been able to seize the moment, as in 1999 when it bought Gucci Group or more recently with Puma, to acquire a major asset that shifts the Group's centre of gravity, either by its size or its market positioning.
In Gucci Group and Puma, PPR has two very different but coherent portfolios of prestigious brands. Both are global and complementary.
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