Puma SE plans to slash 900 more jobs and sharpen its focus on running, football and training as the German brand looks to bounce back from its slump.
New chief executive officer Arthur Hoeld is revamping marketing efforts to make sure the company is creating more compelling stories about products as they’re being developed in hopes of making the brand more desirable for consumers, according to a statement Thursday.
Puma’s goal is to return to growth by 2027 and establish itself as a “top three sports brand globally,” it said. That means growing faster than the industry and having “healthy profits” in the medium term, the company said.
Hoeld arrived at these conclusions after four months of meetings with staff, retailers, investors and partners about the best way to position the 77-year-old brand. In recent years, Puma has struggled to resonate with consumers and has lost ground to bigger competitors like cross-town rival Adidas AG and up-and-coming brands like On Holding AG and Hoka in the increasingly competitive landscape for sports gear and casual fashion.
Puma reported third-quarter sales and profits that missed analyst estimates, in part weighed down by the effects of currency movements. That reduced sales in euro terms by about €125 million ($145 million), it said. The company reiterated its forecast from July, when Hoeld slashed Puma’s financial targets and said that 2026 will be a transition year.
Puma has already cut about 500 roles this year under its savings program and now plans to reduce the headcount by another 900 “white-collar roles” by the end of 2026, it said.
By Tim Loh
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