法国奢侈品牌财团PPR(旗下品牌包括Gucci, Yves Saint Laurent, Balenciaga,  Puma等）宣布将以6亿8百万美元收购Volcom

Pinault-Printemps-Redoute (PPR) 主席兼CEO Francois-Henri Pinault.图片: 路透社

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在PPR集团近年来积极推动其商业模式转型的背景下，这次对服饰品牌Volcom的并购计划也是合乎其战略意义的。PPR决定舍弃其低利润连锁零售业务，转而追逐可以给其带来高利润的知名国际品牌，这些品牌包括Gucci和Puma.PPR出售了其零售网络，例如Conforama家具店铺，对一些利润幅度大的服饰品牌进行投资。Volcom就是其收购目标之一。作为一个滑板，冲浪，滑雪服饰品牌，Volcom深受年轻人所欢迎。

PPR的总执行官 François-Henri Pinault说“我们的目标是成为全球运动，生活，时尚领域的一个角色扮演者。我们也将会保证Volcom在我们的领导下将会取得新的成功。

如果一旦收购Volcom成功，PPR很可能会考虑Puma与Volcom之间的互补合作。Puma的大部分产品以鞋类为主。Volcom的鞋类产品线只占很小的一个比例。PPR将会进一步优化增加Volcom的分销渠道，增开零售门店是其中的一部分。此外，PPR也希望Volcom可以利用Puma在亚洲的生产资源。

在注入Volcom的强力能量下，联同原来的鞋业品牌puma,以及高尔夫装备品牌 Cobra的组合，PPR预期在2015年其运动时尚板块将会贡献出70.41亿美元的销售额，PPR的财务执行官在周一如是说。

去年，运动时尚板块完成了20.7亿欧元的销售额；去年Volcom销售额是3.23亿美元，像puma一样，在经济危机的影响下，销售都受到了重创，截至到目前为止其营业额利润率并未恢复正常水平。

PPR在近年来砍除的业务数量超过了其收购新品牌的幅度。除了出售家具零售店Conforama之外，PPR还剔除了Printemps连锁店，以及高利润的非洲分销机构CFAO, 单单CFAO的出售就让PPR净赚数十亿欧元。这样的财务环境让大家都在纷纷猜测PPR将会在接下来进行的品牌并购计划，因为他们需要并购新品牌来促进和完善其之前的品牌组合，这些品牌包括PUMA，Yves Saint Laurent 以及Balenciaga.

然而，Pinault却一而再再而三的强调新的品牌收购规模将不会超出在2007年时收购PUMA主要股权的50.3亿欧元。puma是继nike和adidas之后世界排名第三的运动品牌。

PPR对volcom股票的每股报价是24.50美元，高出volcom近三月平均股价37%，volcom董事会同意出售其14.4%的公司股份，他们将继续持有公司余下股份。PPR预期此桩交易将在今年9月完成。

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PPR SA Monday announced a $608 million takeover of California sportswear brand Volcom Inc., as the French luxury and retail group strives to bulk up its sports division around its Puma label.

Volcom sells skateboarding, snowboarding and surfing apparel and goes by the motto “youth against establishment.”

The potential for synergies between PPR’s Puma athletic wear brand and Volcom is high. The majority of Puma’s business is shoes, and Volcom only has a small footwear business. PPR plans on amping up Volcom’s distribution, in part by opening stores. In addition, PPR expects Volcom to tap into Puma’s Asian manufacturing.”

The acquisition lands in the midst of a major shift for PPR from a low-margin group of retail chains to a constellation of high-profile international brands, including Gucci and Puma. PPR has sold off retail networks such as the Conforama furniture stores to invest in profitable brands.

“Our aim is to be a world-wide actor in sports and lifestyle,” PPR Chief Executive François-Henri Pinault said. “We will ensure Volcom reaches the next stages in its development.”

With the boost from Volcom, PPR expects its sports lifestyle division— which will also comprise Puma and the Cobra golf brand—to generate €5 billion ($7.4 billion) in sales by 2015, PPR’s chief financial officer said Monday. Last year, the division turned in €2.7 billion in sales. Last year, Volcom had sales of $323 million.

Volcom, like Puma, was hit hard by the consumer spending slump during the economic crisis, and its operating margin has not yet recovered.

Given the runaway ascent in production costs, anytime a brand portfolio such as PPR could combine two business units to gain scale, it’s good,” Wall Street Strategies analyst Brian Sozzi wrote in a research note.

PPR’s disposals have outweighed acquisitions in recent years. In addition to Conforama, PPR has sold businesses such as the Printemps department store chain and spun off CFAO, a profitable African distribution company, netting the company billions of euros. That has increased anticipation for acquisitions to bolster Puma and complement the brands in its luxury division, which include Gucci, Yves Saint Laurent and Balenciaga.

However, Mr. Pinault has repeated that no target would be bigger than Puma, limiting the potential for a major purchase. In 2007, PPR bought a majority stake in Puma, the third-biggest sportswear brand after Nike and Adidas, valuing the company at €5.3 billion.

PPR is offering $24.50 per Volcom share, a 37% premium to its three-month average. Volcom’s directors have agreed to sell their 14.4% stake to PPR, and they will remain with the company. PPR expects the deal to close by September.

source:  transworld  & wsj