PARIS — Luxury and sports reinforced their ties on Tuesday.
François-Henri Pinault, chairman and chief executive officer of PPR, the French conglomerate acquiring Puma AG, was named chairman of the sportswear behemoth's supervisory board. Pinault replaces Johann C. Lindenberg, whose term expired last week.
PPR said last week that it received approval from antitrust authorities for its 5.3 billion euro, or $7.05 billion at current exchange, takeover of Puma.
"The new structure of the supervisory board fully reflects the role we wish to play in partnership with Puma," Pinault said in a statement Tuesday. "I should add that the offer acceptance period expires tomorrow [Wednesday]. This offer represents a unique opportunity for Puma shareholders to extract full value from their shares."
PPR, which bought 27.1 percent of Puma from a German private equity firm in April, offered 330 euros, or $443.19, a share.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"