(CercleFinance.com) – Puma announced on Monday the renewal of its partnership with Ferrari as part of a multi-year agreement which should allow it to further increase its visibility with the Formula 1 team.
Under the terms of this new licensing agreement, the sports equipment manufacturer will continue to supply the suits used by the Scuderia’s drivers over the coming years, as well as the clothing and accessories worn by its teams.
Puma has been Ferrari’s partner brand since 2005, allowing it to market designer clothing and original accessories to fans of the team for almost 20 years.
Following this announcement, Puma shares rose 0.9% on the Frankfurt Stock Exchange on Monday morning, compared with a decline of 0.2% for the MDAX mid-cap index.
In Milan, Ferrari shares fell 0.5% in an Italian stock market down around 0.1%.
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