Westford, MA—Puma North America and United Legwear Co. (ULC) say they are taking a step in the right direction. The companies announced Monday a joint venture called “Puma Legwear and Bodywear,” which will distribute women’s, men’s and children’s socks and underwear, a move that “solidifies a long-term partnership between Puma and ULC.”
Under terms of the agreement, Puma North American took a 51% stake in ULC’s Puma legwear and bodywear subsidiary. ULC remains the managing member in the joint venture, controlling the day to day operations based in New York City. ULC also will remain responsible for the design, development, manufacture, distribution and sales of Puma brand socks and bodywear in the United States with “direction and guidance of Puma North American and its global design team.”
A ‘Supportive and Collaborative’ Partnership
“Puma North America is thrilled to evolve our relationship with United Legwear Co. into this new joint venture,” said Jay Piccola, Puma North America president, general manager. “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.”
Isaac Ash, president/ceo at ULC, said Puma has been a “supportive and collaborative” partner in the 12 years that ULC has held its legwear and bodywear license.
“With this new joint venture structure, ULC will continue to strengthen our business partnership and help grow the Puma brand strategically in our categories,” Ash said. “We look forward to the next phase in the evolution of our close working relationship with Puma and to the next decade ahead.”
This is the second strategic joint venture by Puma North America. Earlier this year, the sport lifestyle brand announced an alliance with San Diego-based Wheat Accessories to form Puma Wheat Accessories.
About United Legwear:
Founded in 1998, United Legwear Company, LLC is a global manufacturer and distributor of socks and underwear and has established itself as one of the leading resources in the industry. From toddlers to teens and adults, the company offers a full range of products that address the functional and fashion needs of consumers. The company’s other licenses include Skechers, Fisher-Price, Isaac Mizrahi, Happy Socks, Adrienne Vittadini among many others. www.unitedlegwear.com
Puma is one of the world’s leading sport lifestyle companies that designs and develops footwear, apparel and accessories. Its Sport Performance and Lifestyle labels include categories such as Football, Running, Motorsports, Golf and Sailing. Sport Fashion features collaborations with renowned designer labels such as Alexander McQueen, Mihara Yasuhiro and Sergio Rossi. The Puma Group owns the brands Puma, Cobra Golf and Tretorn. Founded in 1948, Puma distributes its products in more than 120 countries, employs more than 9,000 people worldwide and has headquarters in Herzogenaurach/Germany, Boston, London and Hong Kong. http://www.puma.com