Retail giant Frasers Group has acquired a 5.77% stake in athletic apparel manufacturer Puma, worth over €5.5m, plus additional put option shares valued at €187m
Frasers Group has snapped up a stake in sportswear heavyweight Puma.
The retail powerhouse has acquired 246,000 shares in the athletics firm, according to German filings published on Thursday and revealed by City AM.
With Puma’s share price currently sitting at €22.50, this 5.77 per cent holding is valued at over €5.5m.
Frasers Group, established by British entrepreneur Mike Ashley, also owns Flannels, Sports Direct, House of Fraser and Debenhams.
A portion of the shares purchased by Frasers are held directly, whilst the bulk have been secured through a put option – allowing the purchaser to offload assets at a predetermined price ahead of a specified date – City AM understands, as reported by City AM.
Alongside the direct shareholding, Frasers has secured an additional 8.3m put option shares, valued at a further €187m based on Thursday’s trading price.
Three million of the put option shares expire mid-next month, whilst a further one million run until September, with the balance set to lapse in December.
The shares are owned by Frasers Group but recorded under Ashley’s name in line with German stock market regulations.
Puma, established in Germany in 1948, ranks as the globe’s third-largest sports clothing manufacturer. It has moved its UK headquarters from London to Manchester‘s Circle Square development as the city cements its position as Britain’s sportswear capital.
The company’s shares climbed three per cent on Thursday but have fallen 20 per cent over the past year.
Frasers controls substantial positions in fashion businesses Hugo Boss, Asos and Boohoo. The British entrepreneur frequently takes an active role in his investment portfolio, having lately sought board representation at Debenhams whilst the retailer endeavours to orchestrate a recovery.
Puma and Frasers Group were contacted for comment by City AM.
Puma announced last year that it was moving its sales, marketing, merchandising, finance, people and operations and direct to consumer departments to Manchester. At the time, Lucynda Davies, UK managing director at Puma, said: “Being surrounded by such a strong line up of industry was an important factor, and to find somewhere in the heart of Manchester’s thriving tech community is exactly what we hoped for.
“Being based at Circle Square will also open up a host of opportunities to tap into the city’s creative talent pool and strengthen our existing links with academic partners like Manchester Metropolitan University – of which we get the added benefit of Bruntwood SciTech being a partner.”











