Puma challenges EUR98 million ruling
07/07/2010
The company has been trying to reclaim trademark rights from former licensing partner in Spain, Estudio 2000. However, the rights were granted by the court on the condition that the huge payment be made.
"According to the arbitration ruling, the vesting of the trademark rights is subject to a one-time payment of up to 98 million euros to Estudio 2000 SA," the company in a statement.” If forced to pay, this would represent around 75% of Puma’s 2009 net income.
"After a thorough legal assessment, Puma will challenge the ruling and management believes that a favourable outcome is more likely than not," the statement said.
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