After announcing its departure from Kering, Puma has unveiled that it will be opening a flagship store on Manhattan’s Fifth Avenue.
The three-level Puma flagship store is going to be located at 609 Fifth Ave. at 49th Street, opposite Saks Fifth Avenue. According to SL Green, the company embarked on a redevelopment project which will include a relocation of the existing office lobby from Fifth Avenue to 49th Street; this will benefit Puma, as the three storied store will feature state-of-the-art double-height storefronts across 160 feet of wraparound frontage.
“We are incredibly proud to open the first Puma Brand Store for North America at this iconic location on one of the most prestigious streets in the world,” said Bjørn Gulden, CEO of Puma, in the statement. “For the past several years Puma has been focused on becoming the fastest sports brand in the world, and we feel now is the perfect time to show the world who we are. We are very pleased to begin our partnership with SL Green at 609 Fifth Avenue, and we are going to build an engaging brand experience that we will all be very proud of.”
Puma’s commitment to its athletic excellence is reflected on the brand’s spinoff from Kering, as the fashion conglomerate has pivoted to focusing on luxury brands rather than sporting brands.
The distribution ratio of Puma shares to Kering shareholders is equal to one Puma share for 12 Kering shares held, in accordance with the terms of the transaction announced by Kering on February 13, 2018. The Puma opening share price, which will be used in particular as a basis for tax calculation purposes, was €429.00 ($505) on May 16, 2018, on the Xetra trading platform at Frankfurt.
Kering will also retain 15.70% of the share capital, 15.85% of the shares outstanding, and voting rights of Puma. This stake will be accounted for under the equity method in Kering’s financial statements.
Kering is responsible for brands such as Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Christopher Kane, Tomas Maier, Boucheron, Pomellato, Dodo, Qeelin, Ulysse Nardin, Girard-Perregaux and Kering Eyewear.
Image via Nacasa & Partner/Puma AG