Puma North America has acquired 51 percent of United Legwear Co.’s Puma legwear and bodywear subsidiary.
This story first appeared in the December 20, 2011 issue of WWD. Subscribe Today.
Financial details of the transaction were not disclosed.
The joint venture, which will do business as Puma Legwear and Bodywear, will continue to distribute women’s, men’s and children’s socks and underwear.
As the managing member of the joint venture, ULC will continue to control the day-to-day operations. Based in New York, ULC will be responsible for the design, development, manufacture, distribution and sales of Puma socks and bodywear in the U.S., under the continued direction of Puma North America and Puma’s global design team.
“United Legwear has been a solid partner over the past 12 years and by establishing this new partnership, the Puma brand will continue to flourish and grow in the sock and bodywear categories,” said Jay Piccola, Puma North America president and general manager.
Founded in 1998 by Isaac Ash, ULC has established and expanded Puma legwear and bodywear as a major category for the Puma brand. “As a licensor, Puma has always been a supportive and collaborative partner,” said Ash, president and chief executive officer of ULC. “With this new joint venture structure, ULC will continue to strengthen our business partnership and help grow the Puma brand strategically in our categories.”
ULC’s other legwear brands, which are unaffected by the deal, include Cynthia Rowley, Rockport, Adrienne Vittadini, U.S. Polo Association, Tretorn, Skechers, Fisher-Price, Isaac Mizrahi and Happy Socks.