Puma will appeal an arbitration court ruling that could force it to pay up to 98 million euros ($119.6 million) to settle a long legal battle. Puma has been seeking to reclaim sole branding rights from its former
licensing firm in Spain, Estudio 2000 SA.
The rights which were granted by the court only on the condition of a
substantial payment that the company is not prepared to pay.
“After a thorough legal assessment, Puma will challenge the ruling and management believes that a favorable outcome is more likely than not,” the company said in a statement. “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 SA.”
