Ferrari (NYSE:RACE) has renewed its partnership with German sports goods maker Puma, which will become its premium partner starting from next year.
"In the next years Puma will also continue to be the licensing partner for Ferrari (NYSE:RACE)-branded products and the supplier of F1 team and racewear for Ferrari," said Arne Freundt, the German group's chief executive.
No numbers were revealed in the announcement, which fortuitously came on the day Ferrari won its first Formula One (F1) race of the season in Singapore, but the deal extends a relationship that started in 2015.
Puma provides Ferrari's F1 team with sportswear, shoes and accessories.
"Since 2005, Puma has had the ambition to be the best brand partner for Scuderia Ferrari," Freundt said.
“We have celebrated many successes and the passion for Ferrari with the millions of tifosi [Ferrari fans] worldwide over the past two decades."
Benedetto Vigna, Ferrari chief executive, added: “As leaders in our respective fields, we are ready to support each other, demonstrating an unwavering commitment to offer increasingly engaging experiences for our tifosi and brand lovers.”
Shares in Puma rose by 1.2% to €61.88.