Who Can Become The New Owner Of Puma?

Puma has recorded two digit growth for 6 consecutive quarters. Rihanna, the creative director, is a performance hero. Puma The contract will expire soon.

More and more signs show that Gucci The company's focus is on the development strategy of luxury brands, which means that the German sports brand Puma will be divestiture.

According to the world's clothing and shoe net, Kai Yun group has launched a plan to sell Puma SE. Rothschild group will provide financial advisor for specific transactions. At present, Kai Yun group holds a stake in Puma 86%, which has previously identified Puma as a non strategic asset. At present, Puma's valuation is about 6 billion euros, and Kai Yun Group acquired it in 2007. brand It was about 5 billion euros. If it is sold smoothly, it will make a profit of 1 billion euros from the book.

Until now, Kai Yun group and Puma have not responded to the news.

The picture shows Puma's share price performance over the past year.

It is noteworthy that Marc Dupaix, chief financial officer of Kai Yun group, said in its earnings conference last month that the group was considering some options, but it would not be implemented in the short term. The decision of Fran ois-Henri Pinault, the chairman of Kai Yun group, to withdraw from the Puma board earlier this year has also made a lot of rumors about the sale.

A few days ago, a close source with Kai Yun group revealed that the sale of Puma was a certainty, but the time of sale was not determined. A report by Citibank analyst Thomas Chauvet and HSBC pointed out that the acquisition of Puma by Kai Yun group for 10 years is now the best time to sell, and it is estimated that Kai Yun group will complete the sale of Puma next year.

In the three months ended September 30th, Puma sales rose 17% to 1 billion 122 million euros compared to the same period last year. Double-digit growth was recorded in all regions, gross profit margin was 48.1%, operating profit increased 11% to 443 million euros, and net profit rose 57% to 62 million 100 thousand euros compared to the same period last year. In the first nine months, Puma sales rose 16.4% to 3 billion 96 million euros, operating profit rose 11.7% to 1 billion 260 million euros, and net profit nearly doubled to 134 million euros compared with 67 million euros a year earlier.

Puma's strong growth this year, thanks to the revival of consumer purchasing power, is largely due to effective star strategies, especially the Fenty by Puma series launched by Rihanna.

However, some people think that Puma, which starts with sports equipment, has to rely on fashion elements to get rid of the dilemma. Last year, the profit margin of Puma was only 3.5%, and CEO Jon Guldentanl was dissatisfied with the figure.

Now, Puma has begun to realize this problem and began to vigorously lay out the sports market.

Puma officially became a sponsor of the BVB Dortmund football team in 2013 and released the latest "STEP OUT" T-shirt, which is a bold attempt made by the main signing clubs of Puma Union, drawing inspiration from the traditional colors of the stadiums and clubs around the country. In addition to sponsoring sports teams and events, the brand opened a 3 day running experience shop in Shanghai in June 29th, and invited China's supermodel Liu Wen to come to the rescue. It is hoped that consumers will realize that in addition to Rihanna's fashion series, Puma is the main business of Puma.

The market value of Puma has now risen to nearly 6 billion euros. In this regard, there are people in the industry think that because of the high price, this price is difficult to attract buyers' attention, private equity funds and sports brands will not be easy to launch, and Nike and Adidas two industry giants also disdain to buy, especially Adidas is still carrying on the thin body plan, the sale of non core business, and for Under Armour or New Balance has already relegated to the second tier sports brand is too expensive.

Some analysts say that the biggest buyer is probably from Asia.

According to a forecast released by Luca Solca, a luxury director of Paris bank, France, Anta sports, PVH and VF and other American Apparel groups are likely to buy Puma. And in the first half of this year, Anta announced that it will raise HK $3 billion 800 million for future acquisitions, targeting the international sports brand. In fact, in 2015, when Anta's annual revenue exceeded 10 billion yuan, Anta said its next plan was to seek more overseas acquisitions.

At present, Anta has the right to operate international brands in China, including the Italy sports brand FILA and the Korean outdoor brand Kolon, thanks to its good performance. In October 31st, Anta's share price hit a new high. At present, the market value has exceeded 90 billion and recorded HK $92 billion 700 million. Analysis shows that Anta's performance is expected to grow strongly, the industry is looking forward to its merger and acquisition. At the end of last month, Anta completed the acquisition of children's wear brand KingKow.

However, Anta's current market value is close to Puma's value of nearly 6 billion euros, but there is still some analysis that its acquisition of Puma is not impossible. One way is to invest jointly with PE. Anta has already prepared 3 billion 800 million Hong Kong dollars of ammunition, and the other one may be more feasible. It is only the acquisition of Puma's Chinese business. The successful example is Anta's redefinition of FILA as high-end sports fashion dress brand after its acquisition of FILA business in 2009. Now it has begun to get a return and become a new driving force for Anta's growth.

After the rumors of Puma takeover, Puma shares fell 0.27% to 384.15 euros per share on Friday, and its stock price has risen more than 50% since this year.

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