French Luxury And Retail Giant PPR Will Buy Volcom
According to foreign reports, owns Gucci, Puma
brand
The French PPR group has agreed to invest $607 million 500 thousand in cash to acquire all Volcom shares to expand its business in skateboarding, skiing and surfing.
Volcom is a famous company producing skateboards in California.
The two sides issued a statement today that PPR will buy Volcom at a price of $24.50 per share, and the Volcom Board recommends that all shareholders accept it.
Compared with the closing price of US $19.73 in April 29th, PPR's premium was 24%.
PPR said that the acquisition of Volcom will complement Puma.
The group is restructuring to focus on
Luxury goods
Sports and fashion products to meet emerging market branding.
Clothes & Accessories
And growing demand for subsidiary products.
PPR stripped African distributor CFAO in 2009, sold furniture retailer Conforama in March, and planned to divest online retailers Redcats and Fnac.
Volcom's net profit and revenue reached $22 million 300 thousand and $323 million 200 thousand respectively last year, and the product 2/3 was sold to the domestic market in the United States.
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