Luxury meets sportswear with the major acquisition of Puma ( announced today. French luxury goods company Pinault-Printemps-Redoute (PPR) has purchased a controlling stake in PUMA and instigated a “friendly” public take-over offer by PPR to PUMA shareholders in a deal worth over $7 billion.

As a result, PUMA will not only receive the support of a financially strong and leading international company as it implements its Phase IV expansion strategy, but will also benefit from Gucci owner PPR’s global positioning, strong portfolio of premium brands and expertise in the retail business.

This seals the deal for PUMA in establishing itself at the higher-end of the sportswear spectrum, last year strengthening it’s external design portfolio through a partnership with fellow PPR brand, Alexander McQueen, which included a jointly-launched Footwear collection.

There are not yet any announced or intended staffing changes, and PPR says that it “acknowledges and fully supports that the current board, management and employees of PUMA” Watch this space.