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MONARCHY/REGENCY POUNCES ON PUMA, DOUBLING ITS STAKE
Published November 12, 1997
Entertainment company Monarchy/Regency has increased its shareholding in Germany-based Puma AG from 12.5% to 25%. Monarchy/Regency purchased its initial stake in the company last November (Monarchy/Regency). Monarchy/Regency paid "about" $75M for its initial stake and the option to double its interest, but did not disclose what it paid for the additional equity, according to Stephen Galloway of the HOLLYWOOD REPORTER. Sources told Galloway that Regency sees Puma "as a part of its overall strategy to build a global entertainment conglomerate." Monarchy/Regency Founder Arnon Milchan: "We feel our powerful partners in communication and entertainment can make a great difference in helping Puma achieve rapid business growth in an industry that demands a shakeup" (Stephen Galloway, HOLLYWOOD REPORTER, 11/12). CATS QUARTER: Puma said its consolidated net sales for the 3Q of '97 were up 16.3%, to $94.66M from $81.4M in '96. All product categories contributed to this growth, including footwear by 10%, apparel by 28.9% and accessories by 50.6%. Income before taxes reached $12.73M, an increase of 15.7% the same period last year. Through the first nine months of '97, Puma's footwear sales increased 6.6% from $169.47M to $180.68M. Apparel sales are up 16%, from $55.24M to $64.06M, while accessories sales grew 27.1% from $8.58M to $10.97M. Worldwide sales including sales by licensees under the Puma brand grew by 5.4% through the first nine months of '97, from a total of $534.3M to $563.44M (Puma).