The Sportlifestyle company PUMA AG and the Taiwanese company Starlike Inc. today announce that they have agreed in principle to form a joint venture as of January 2006, in which PUMA will become the majority shareholder.
Starlike has very valuable experience and infrastructure in the Taiwanese market. This planned joint venture will enable PUMA to continue to enhance its position as a highly desirable Sportlifestyle brand in the 4th largest market in Asia.
Jochen Zeitz, CEO and Chairman of PUMA AG: "Starlike has been very successful in delivering strong growth over the past few years while substantially increasing PUMA's desirability and establishing us as a top 3 player in the market. With this mutually beneficial joint venture we will build on this strong position to further maximize the PUMA brand potential."
Michael Lin, Chairman of Starlike: "Starlike is excited to start the new partnership with PUMA. With PUMA's global strength and Starlike's dynamic performance, we believe the combination will lead us to a great triumph in the future.