PPR, the parent of Puma, said it will take its time in deciding whether to buy and sell assets, with the focus being on creating value for the company. It recently reached an agreement to acquire skate and surf apparel group Volcom.
Volcom will be the first brand outside Puma in PRR’s new Sport &
Lifestyle Group, which is being headed by former Puma CEO Jochen Zeitz.
The group is also currently selling some retail assets (catalog sales
division Redcats and electronics retailer FNAC) while focusing on its
luxury brands such as Gucci and and acquiring additional sports & lifestyle brands to join Puma.
Speaking at PPR’s annual shareholder meeting, CEO Francois-Henri Pinault noted: “We will take the time necessary to select brands to join us and to sell our retail activities under the best conditions.”
Regarding potential acquisition of sport and lifestyle brands, finding potential
acquisition targets is challenging, Pinault said. “The question is
what brands have true legitimacy,” given the enormous number competing
in that sector, he said.
Regarding luxury brands, he said the company would look to small names, noting that brands with a “certain degree of maturity” are less attractive than “a smaller brand we feel has high potential.”