Key developments Q2 2024

• Currency-adjusted (ca) sales increase by 2.1% to € 2,117 million, reflecting a negative currency impact of approximately € 50 million (-0.2% reported)
• Gross profit margin improves by 200 basis points to 46.8% despite major currency headwinds
• Operating expenses (OPEX) increase by 4.3% to € 879 million
• Operating result (EBIT) up by 1.6% to € 117 million despite negative currency effects on sales, gross profit margin and OPEX ratio
• 2024 Sales growth outlook confirmed and EBIT band narrowed within initial range: currency-adjusted sales growth at mid-single-digit percentage rate and EBIT in a range between € 620 million and € 670 million

Second Quarter 2024

Sales grew by 2.1% (ca) to € 2,117.3 million, while currencies continued to be a headwind, negatively impacting sales in euro terms by approximately € 50 million in Q2 2024 (-0.2% reported).

Sales in the Americas region increased by 9.0% (ca) to € 887.5 million, with both the U.S. and LATAM contributing to the growth and showing a sequential improvement. The Asia/Pacific region recorded sales growth of 1.9% (ca) to € 411.9 million, driven by continued growth in Greater China and sequential improvement in the rest of APAC. In the EMEA region, sales decreased by 4.3% (ca) to € 817.9 million due to a decline in EEMEA from a strong prior year quarter (EEMEA grew +111% ca in Q2 2023), while Europe returned to growth.

PUMA's Wholesale business declined by 3.3% (ca) to € 1,529.6 million, due to the decline in EEMEA. In all other regions, the wholesale business improved quarter-on-quarter, driven by continued good sell-through and improved inventory levels in the trade. Our Direct-to-Consumer (DTC) business grew by 19.5% (ca) to € 587.7 million, supported by continued brand momentum and scaled back promotions. Sales in owned & operated retail stores increased 16.5% (ca) and e-commerce increased 25.6% (ca). This resulted in an increased DTC share of 27.8% (Q2 2023: 24.3%), in line with expectations.

Sales in Footwear were flat (ca) at € 1,097.0 million on the back of a strong prior year quarter (Q2 2023: +18.2% ca) with all Performance categories as well as Sportstyle Core performing very well. Sales in Apparel grew by 9.2% (ca) to € 705.6 million, while sales in Accessories declined by 4.7% (ca) to € 314.8 million.

The gross profit margin improved by 200 basis points to 46.8% (Q2 2023: 44.8%). Significant headwinds from currencies were more than offset by a favourable product and distribution channel mix as well as tailwinds from sourcing and freight.

Operating expenses (OPEX) increased by 4.3% to € 879.3 million (Q2 2023: € 843.4 million). The increase was primarily due to the continued growth of our DTC business and ramp-up costs of warehouse and digital infrastructure projects while all non-demand creating costs remained under strong control. In addition, currency-related headwinds weighed on the OPEX ratio, which increased by 180 basis points to 41.5% (Q2 2023: 39.8%).

The operating result (EBIT) increased by 1.6% to € 117.2 million (Q2 2023: € 115.3 million), despite negative currency effects on sales, gross profit margin and OPEX ratio. Consequently, the EBIT margin improved by 10 basis points to 5.5% (Q2 2023: 5.4%).

The financial result decreased to € -42.6 million (Q2 2023: € -23.0 million) due to higher currency related losses and a lower interest result.

Consequently, net income decreased by 23.8% to € 41.9 million (Q2 2023: € 55.0 million) and earnings per share amounted to € 0.28 (Q2 2023: € 0.37).

The development of the operating result and net income is fully in line with our expectations that the second half of the year, particularly in the fourth quarter, will be stronger than the first half, and that net income will improve in line with the operating result outlook for FY 2024.

First Half Year 2024

Sales increased by 1.3% (ca) to € 4,219.6 million. Currencies were a major headwind, negatively impacting sales in euro terms by approximately € 150 million in H1 2024 (-2.1% reported).

The Americas region led the growth with a sales increase of 5.1% (ca) to € 1,677.5 million, followed by the Asia/Pacific region with a sales increase of 1.2% (ca) to € 868.5 million, while sales in the EMEA region declined by 2.2% (ca) to € 1,673.7 million.

PUMA’s Wholesale business declined by 3.1% (ca) to € 3,137.7 million as a result of disciplined sell-in and focus on good sell-through in preparation for a stronger sell-in in H2 2024. Our Direct-to-Consumer (DTC) business increased by 16.7% (ca) to € 1,081.9 million. Sales in owned & operated retail stores increased 16.0% (ca) and e-commerce increased 18.1% (ca). This resulted in an increased DTC share of 25.6% (H1 2023: 22.8%).

Among product divisions, sales in Footwear increased by 1.6% (ca) to € 2,278.4 million and Apparel grew by 3.5% (ca) to € 1,313.7 million. Accessories decreased by 4.0% (ca) to € 627.5 million.

The gross profit margin increased by 150 basis points to 47.2% (H1 2023: 45.7%). Major headwinds from currencies were more than offset by a favourable product and distribution channel mix as well as tailwinds from sourcing and freight.

Operating expenses (OPEX) increased by 1.9% to € 1,724.6 million (H1 2023: € 1,691.7 million). The continued growth of our DTC business and ramp-up costs for infrastructure projects were the main drivers of this increase. As a result, the OPEX ratio was up 160 basis points to 40.9% (H1 2023: 39.3%), also impacted by currency headwinds.

The operating result (EBIT) decreased by 5.1% to € 276.2 million (H1 2023: € 290.9 million), mainly due to negative currency effects on sales, the gross profit margin and the OPEX ratio, which resulted in an EBIT margin of 6.5% (H1 2023: 6.8%).

The financial result decreased to € -69.4 million (H1 2023: € -30.8 million) due to a lower interest result and higher currency related losses.

Consequently, net income decreased by 25.0% to € 129.3 million (H1 2023: € 172.3 million) and earnings per share amounted to € 0.86 (H1 2023: € 1.15).

The development of the operating result and net income is fully in line with our expectations that the second half of the year, particularly in the fourth quarter, will be stronger than the first half, and that net income will improve in line with the operating result outlook for FY 2024.

Working Capital

The working capital decreased by 2.9% to € 1,643.7 million (30 June 2023: € 1,693.0 million). Inventories decreased by 8.6% to € 1,961.1 million (30 June 2023: € 2,145.9 million). The quarter-on-quarter increase mainly reflects the stronger order book for the second half of the year. The Group's total inventory remains at a healthy level, while quality has further improved. Trade receivables increased by 3.4% to € 1,394.7 million (30 June 2023: € 1,348.4 million). On the liabilities side, trade payables increased by 13.1% to € 1,647.9 million (30 June 2023: € 1,457.3 million).

Cash Flow and Liquidity Situation

The free cash flow was at € -204.4 million in the first half of 2024 (H1 2023: € -341.4 million). As of 30 June 2024, PUMA had cash and cash equivalents of € 271.8 million (30 June 2023: € 307.9 million). In addition, the PUMA Group had available credit lines totalling € 1,411.7 million as of 30 June 2024 (30 June 2023: € 1,592.5 million). Unutilized credit lines amounted to € 595.4 million as of 30 June 2024 (30 June 2023: € 846.0 million).

Share Buyback

The share buyback programme announced by PUMA SE on 29 February 2024 began on 07 March 2024. By 30 June 2024, a total of 700,413 shares had been bought back for around € 31.3 million.

Outlook 2024

The first half of the year was characterized by a volatile environment with persistent currency headwinds, stressed supply chains and muted consumer sentiment globally. In this challenging environment, PUMA continued to make progress on its strategic initiatives of brand elevation, product excellence and distribution quality with special focus on the U.S. and China, and focused on strong sell-through and the best possible service to its retail partners, brand ambassadors and consumers.

Based on the results of the first half year and supported by building brand momentum as well as by our strong orderbook for the second half of the year, PUMA reiterates its outlook for the financial year 2024 of mid-single-digit currency-adjusted sales growth. Taking into account the external factors of higher freight costs, changing duties and continued muted consumer sentiment, especially in China, we narrow our outlook for the operating result (EBIT) to a range of € 620 million to € 670 million (2023: € 621.6 million; previous outlook: € 620 – 700 million). We expect net income (2023: € 304.9 million) to change in 2024 in line with the operating result.

As in previous years, PUMA will continue to focus on managing short-term challenges without compromising the brand's medium- and long-term momentum. Our sales growth and market share gains will take priority over short-term profitability. The very positive feedback from our retail partners and consumers on our 2024/2025 product line-up and go-to-market strategies gives us confidence for the medium and long term success and continued growth of PUMA.

Q2 Brand & Strategy Update

Making Progress in Brand Elevation

Launch of PUMA’s biggest Brand Campaign ever in April 2024

• Brand Campaign “See The Game Like We Do” demonstrates PUMA’s superpower Speed and establishes strong emotional connection between the consumer and PUMA brand mantra FOREVER.FASTER.
• PUMA dedicates brand campaign spin-offs to UEFA Euro 2024 and 2024 Copa America, featuring best-in-class Football Players, like Neymar Jr., Xavi Simons, Kai Havertz and Cody Gakpo
• Brand campaign created best ever PUMA brand visibility and improved brand consideration with consumers

World-class performance by PUMA’s sponsored teams and players underscores strong position in Football

• Great visibility at Euro 2024 with approx. 100 players wearing “fireglow” colourways of FUTURE, ULTRA and KING
• Manchester City wins Premier League fourth time in a row
• Borussia Dortmund reaches final of Champions League 23/24
• PUMA to be strongest brand in Bundesliga season 24/25 with sponsoring 6 teams
• AC Milan and French National Team star Theo Hernández joins PUMA

PUMA Athletes set three new world records in Track and Field

• Seven gold medals for PUMA athletes at European Athletics Championships in Rome
• High jumper Yaroslava Mahuchikh breaks 37-year-old world record, clearing 2.10m
• Armand “Mondo” Duplantis sets new pole vault world record of 6.25m
• Devynne Charlton breaks 60m hurdles world record in 7.65s
• In PUMA NITROTM shoes, runners take podiums at marathon majors for first time in decades
• PUMA to provide kits for 17 track & field federations at the Olympic Games and 7 federations at the Paralympic Games in Paris
• PUMA joins forces with the Athletic Federation of India as Official Kit Partner

Further Improvement of Brand Visibility and Recognition

• Renowned K-Pop artist Rosé joins PUMA as global brand ambassador to support classic franchises, including the Palermo and Speedcat
• Eye-catching “fireglow” colours of the football boots and track and field spikes worn by more than 450 of our players and athletes create great visibility in Paris

Rebounding in China

Building up performance credibility with Chinese consumers

• PUMA sponsors Xiamen Diamond League for second year in a row to strengthen position as an international sports brand
• PUMA becomes Top 10 Brand at Wuxi Marathon, one of the world’s largest
• China tour of PUMA ambassador and NBA-Star Scoot Henderson captures basketball excitement in the country

Driving Brand Heat

• Announcement of PUMA x Rosé collaboration generates the biggest social media stir of PUMA in China in the past years and improves brand consideration
• PUMA captures hype around F1 GP in China with visit by Chinese driver Zhou Guanyu to pop-up space and livestreamed catwalk show on Tmall and Tencent with millions of views
• Singer and songwriter Henry Lau joins PUMA Family and stars in successful Forever.Dance. campaign

Business Highlights in a challenging Environment

• PUMA’s growing brand momentum in China confirmed by strong sales growth at online shopping festival 6/18, where sales exceed industry average on Tmall and JD
• Locally designed apparel collections with local fitting and design details, featured by Henry Lau, resonates well with consumers
• Palermo and Speedcat become bestselling franchises with immediate sell-out of initial Speedcat launch
• New footwear-focused store concept “Sneaker Box” opens in Shanghai, featuring elevated store design and consumer experience in line with brand elevation strategy
• PUMA continues to roll out “Field of Play” store format designed and developed in China

Winning in the USA

Building performance credibility with US customer

• PUMA enjoys great visibility as official partner of CONMEBOL Copa America 2024
• Neymar Jr. and Christian Pulisic host PUMA events to create buzz for Copa America
• Fiona O’Keeffe and Dakotah Lindwurm secure first and third place at US Olympic Marathon Trials in NITROTM running technology
• All-Pro NITROTM becomes shoe of leading amateur basketball circuit NXTPro Hoops
• Exclusive Ferrari collection at Miami GP sells out immediately

Launching US-first product propositions

• Rihanna continues to drive brand heat with new Back-To-School editions of Creeper and Avanti
• A$AP Rocky presents Inhale sneaker, a sell-out success
• PUMA announces collaboration with trailblazing footwear designer Salehe Bembury to reimagine signature shoe category in basketball

Investing for future growth

• Tara McRae joins PUMA North America as Senior Vice President Marketing & Brand Strategy from Clark’s
• PUMA announces to open its LA Studio in Q1/25, a new product and design hub in Los Angeles that will design products specifically for the US market
• PUMA opens new distribution centre in Arizona to support future growth in US from an operational point of view

Ongoing Momentum in Performance

Continued market share gains in Football

• Next-gen football boot FUTURE 7, featured by Neymar Jr. and Kai Havertz, gives players new level of freedom of movement
• ULTRA football shoe launched with new high-performance outsole design, generating strong sell-through
• Gripping performances of PUMA-Teams Austria and Switzerland lead to sell-out success of jerseys
• Fan shirt campaign with German comparison platform Check24 generates outstanding visibility during summer of sports

Driving further Momentum in Running & Training

• Third iteration of award-winning running shoe Deviate NITROTM is engineered with even more NITRO™ foam to deliver supreme cushioning and responsiveness
• Recognition by Running Experts: Ultimate race-day running shoe Fast-R2 awarded Spanish CORREDOR Award for the best new shoe 2024
• Announcement of global partnership with HYROX - the world series of fitness racing – which continues to build up great hype momentum as a fitness trend

Introducing innovative product newness in Basketball and Golf

• Following success of MB signature shoes, LaMelo Ball presents LaFrancé, his first lifestyle shoe
• Launch of third signature performance shoe for WNBA Player Breanna Stewart - the Stewie 3 - incorporates PUMA’s latest performance technology
• Designed by aerospace engineers, Cobra’s new DARKSPEED driver series are built for extraordinary speed and distance

Building Up Traction with Sportstyle Newness

Maximise current trends

• PUMA’s terrace model Palermo and skate model Suede XL continue to resonate well with target group
• With Easy Rider, PUMA brings back retro running style with sought-after T-toe style for a new generation
• Launch of communication platform Rewrite the Classics to highlight and raise awareness for PUMA’s classics franchises

Creating next trends

• Successful launches of Mostro and Speedcat confirm emerging low-profile trend
• PUMA demonstrates fashion appeal of low-profile styles during Paris Fashion Week in runway shows with A$AP Rocky, KidSuper and other influential designers
• British rapper Skepta joins PUMA to create sell-out Skope Forever sneaker and football inspired Más Tiempo collection
• PUMA and best-selling anime series One Piece present successful collection

Strengthening the Foundation

• Harsh Saini and Roland Krüger join PUMA’s Supervisory Board
• TIME magazine ranks PUMA as only company in its industry among “World’s Most Sustainable Companies”

The report evaluated what brands publicly self-disclose about their decarbonization efforts in their own operations and supply chain. Fashion Revolution awarded scores across five sections including accountability, decarbonization, energy procurement, financing decarbonization as well as just transition and advocacy. 

PUMA received an overall score of 75%, making it the company with the highest overall score. The report warns that the fashion industry as a whole is lagging significantly in achieving climate targets and reducing emissions.

“While we feel honoured that Fashion Revolution has ranked us as the best performer among the companies it examined, we know there is still a lot of work to do in our decarbonization journey,” said Anne-Laure Descours, Chief Sourcing Officer at PUMA. “We believe that the report should also be seen as a wakeup call. Much more needs to be done to get all stakeholders to work together to descarbonize our industry and our supply chains. We need to come together to find the solutions needed to achieve our climate goals.”

In 2023, PUMA set itself new greenhouse gas reduction targets, which were approved by the Science Based Targets Initiative (SBTi), after the company had reached its previous goals seven years ahead of schedule. By 2030, PUMA seeks to cut its absolute Scope 1 and 2 greenhouse gas emissions by 90% from a 2017 baseline year and also committed to reduce absolute Scope 3 greenhouse gas emissions from its supply chain and logistics by 33% compared to 2017. 

For more information, please visit www.foreverbetter.com 

The upscaling builds on the 46,000 RE:FIBRE jerseys produced in 2023 and seeks to not only reduce textile waste, but also to create less reliance on plastic bottles to produce recycled polyester products. To make the upscaling possible, PUMA is exploring diversified ways to recycle polyester – such as thermo-mechanical and chemical recycling techniques enabling PUMA to significantly increase its capacity to recycle textile waste.

“RE:FIBRE gives football fans a tangible example of how PUMA is working towards creating a Forever Better,” said Anne-Laure Descours, Chief Sourcing Officer at PUMA. “Our wish is to have 100% of our polyester products created from textile waste. Rethinking how we produce and moving towards a more circular business model is important and RE: FIBRE is central to that.”
 

To celebrate this milestone, PUMA will hold a weekend of activities in the New York flagship store, timed to coincide with the launch of the AC Milan and Manchester City home replica kits and ahead of the two PUMA football teams playing in New York City.  Fans of PUMA, AC Milan and Manchester City are welcome to get involved and celebrate PUMA’s RE:FIBRE journey in store.

Saturday 20th July 2024
One hundred limited edition badges upcycled from match worn jerseys by Jack Grealish and Christian Pulisic will be up for grabs in-store. The badges have been designed by US upcycler and PUMA Voice of a RE:Generation Andrew Burgess, to commemorate the expansion of PUMA RE:FIBRE.

Sunday 21st July
Andrew Burgess will host three upcycling workshops to educate fashion-curious consumers on the techniques for customising and upcycling clothing to extend their lifespan. Leaning into the crossover between sport and fashion, consumers will have the chance to take a RE:FIBRE t-shirt and turn it into a sportstyle inspired garment.
 

More information on this can be found here.

 

Following the departure of long-term Supervisory Board member Thore Ohlsson and the appointment of the two new members, the size of the Supervisory Board has increased from six to seven members.

“Welcoming Harsh and Roland to the Supervisory Board will help PUMA to develop further by expanding the overall expertise of our Supervisory Board and further professionalizing its work,“ said Héloïse Temple-Boyer, Chair of the Supervisory Board of PUMA SE. “Both Harsh and Roland are excellent professionals, who will enrich the work of our board.”

“I am glad that we have been able to appoint such experienced leaders as Harsh and Roland to our Supervisory Board,” said PUMA CEO Arne Freundt. “Their vast knowledge will be an asset to our company, and I look forward to hearing their valuable perspectives on our business and working with them.”

Harsh Saini, a British citizen, is a sustainability expert. She has worked for brands like the Body Shop, Nike and the Fung Group where she implemented global sustainability strategies and shaped their commitment to ethical practices, sustainable development and corporate social responsibility.

Roland Krüger, a German citizen, is an expert in the field of retail management, marketing, and digitalization. He is currently a member of the Board of Directors of Dyson Holdings, having previously been Global CEO of Dyson, which is a technology company designing and manufacturing household appliances. He also has held various leadership positions in the automotive sector.

Key developments Q1 2024

• Currency-adjusted (ca) sales increase by 0.5% to € 2,102 million, reflecting a negative currency impact of approximately € 100 million (-3.9% reported) 
• Gross profit margin improves by 100 basis points to 47.5% despite major currency headwinds
• Operating expenses (OPEX) decrease by 0.4% to € 845 million
• Operating result (EBIT) declines by 9.4% to € 159 million, mainly due to negative currency effects on sales, gross profit margin and OPEX ratio
• 2024 Outlook confirmed: currency-adjusted sales growth at mid-single-digit percentage rate and EBIT in a range between € 620 million and € 700 million
• PUMA launches first global brand campaign in 10 years

First Quarter 2024

Sales increased by 0.5% (ca) to € 2,102.3 million from a strong quarter in the previous year (Q1 2023 grew +14.4% ca and reported). Currencies have continued to be a major headwind since Q2 2023, negatively impacting sales in euro terms by approximately € 100 million in Q1 2024 (-3.9% reported).

The Americas region recorded positive sales growth for the first time in four quarters, growing by 1.0% (ca) to € 790.0 million, with the U.S. showing a sequential improvement. Sales in the Asia/Pacific region increased by 0.6% (ca) to € 456.6 million, driven by continued growth in Greater China. In the EMEA region, sales were flat (ca) at € 855.7 million, with Europe coming in better than expected.

PUMA's wholesale business declined by 2.9% (ca) to € 1,608.1 million, reflecting the continued focus on good sell-through and prudent sell-in to improve inventory levels in the market. Our Direct-to-Consumer (DTC) business grew by 13.5% (ca) to € 494.2 million, driven by continued brand momentum and scaled back promotions. This resulted in an increased DTC share of 23.5% (Q1 2023: 21.3%), in line with expectations.

Sales in Footwear were up 3.1% (ca), largely driven by continued strong demand for our Football and other performance categories. Sales in Apparel and Accessories declined by 2.4% and 3.2% (ca) respectively.

The gross profit margin improved by 100 basis points to 47.5% (Q1 2023: 46.5%). Significant headwinds from currencies were more than offset by lower sourcing and freight costs as well as a favourable product and distribution channel mix.

Operating expenses (OPEX) decreased by 0.4% to € 845.3 million (Q1 2023: € 848.3 million). While marketing investments remained at 10% of sales, strict cost discipline in non-demand generating areas mostly offset warehouse ramp-up costs, investments in digital infrastructure and inflationary pressures. The OPEX ratio increased by 140 basis points to 40.2% (Q1 2023: 38.8%), mainly as a result of a higher DTC share and currency headwinds.

The operating result (EBIT) decreased by 9.4% to € 159.0 million (Q1 2023: € 175.5 million), mainly due to currency headwinds on sales, gross profit margin and OPEX ratio. As a result, the EBIT margin declined 50 basis points to 7.6% (Q1 2023: 8.0%).  

The financial result decreased to € -26.8 million (Q1 2023: € -7.8 million) due to lower gains related to forward exchange transactions (“swap points”) and higher interest rates.

Consequently, net income decreased by 25.5% to € 87.3 million (Q1 2023: € 117.3 million) and earnings per share amounted to € 0.58 (Q1 2023: € 0.78).

Working Capital

The working capital increased by 5.4% to € 1,845.7 million (31 March 2023: € 1,751.5 million). Inventories decreased by 16.8% to € 1,785.6 million (31 March 2023: € 2,147.3 million), mainly due to the elevated comparative base of the previous year, and remain at a healthy level. Trade receivables increased by 12.2% to € 1,432.5 million (31 March 2023: € 1,276.9 million) due to timing and the regional mix. On the liabilities side, trade payables decreased by 4.7% to 
€ 1,222.8 million (31 March 2023: € 1,282.7 million).

Outlook 2024

In line with our expectations, the year 2024 has started with geopolitical and macroeconomic challenges as well as currency volatility. In this environment, we continued to make further progress on our strategic priorities of brand elevation, product excellence and distribution quality, particularly in the key markets U.S. and China.

2024 is not only the year of sports, with major events such as the UEFA Euro 2024, CONMEBOL Copa América and the Olympic and Paralympic Games providing the perfect platform to showcase our strong product innovation and credibility as a performance brand. It is also the year in which PUMA has started to invest into its first global brand campaign in 10 years to sharpen its positioning as the fastest sports brand in the world.

Supported by the continued brand momentum and despite ongoing geopolitical and macroeconomic challenges, PUMA expects to achieve mid-single-digit currency-adjusted sales growth and an operating result (EBIT) in the range of € 620 million to € 700 million for the financial year 2024 (2023: € 621.6 million). We expect net income (2023: € 304.9 million) to change in 2024 in line with the operating result.

As in previous years, PUMA will continue to focus on managing short-term challenges without compromising the brand's medium- and long-term momentum. Our sales growth and market share gains will take priority over short-term profitability. The exciting product newness and innovation for 2024/2025 as well as the very good feedback from retail partners and consumers give us confidence for the medium and long term success and continued growth of PUMA. 

Q1 Brand & Product Update

Ongoing Momentum in Performance

• PUMA launches exciting innovation with its new football boot Future 7 
• 4th kits of Manchester City and AC Milan released and sold out in record time
• PUMA launches first-ever signature lifestyle shoe LaFrancé for LaMelo Ball and third signature performance shoe for Breanna Stewart
• All-Pro Nitro becomes the shoe of NXTPro Hoops, one of the leading basketball circuits in the US
• Running shoe Fast-R NITRO Elite 2 recently awarded the prestigious Spanish CORREDOR award for the best new shoe of 2024 
• Pre-Released Deviate Elite NITRO 3 running shoes make PUMA athletes reach podium of World Marathon Majors for the first time in decades 

Building Up Traction with Sportstyle Newness

• Continued newness of PUMA’s terrace lead model Palermo and skate lead model Suede XL builds up further momentum 
• Latest FENTY x PUMA drops of Avanti Pony Hair and Creeper Phatty Earth Tone create great consumer engagement
• Success of recent launches of Mostro and Speedcat confirm emerging low profile trend
• A$AP Rocky’s Collection and low profile shoe Inhale create great buzz around F1 Grand Prix in Miami 
• Exciting product newness with Easy Rider, Speedcat, Mostro and Inhale to launch in course of this year

Making Progress in Brand Elevation

• PUMA launches its first Brand Campaign in 10 years in Paris in April 
• Brand Campaign demonstrates that PUMA’s superpower is Speed, creating a strong emotional connection between the consumer and PUMA brand mantra FOREVER. FASTER.
• Biggest media investment ever for PUMA with a 360 media mix
• Brand campaign is visible worldwide and will cover the whole year 2024 with specific executions for UEFA Euro 2024, CONMEBOL Copa América, Olympics, Paralympics and NBA season start
• PUMA unveils 17 Track and Field Federation Kits and its Fireglow shoe colorway for the competitions in the “Year of Sport”

The decision to open a creative space in LA is part of PUMA’s strategic priority to win in the United States. By tapping into the rich ecosystem of creative and innovative professionals in LA, the new PUMA Studio will play an important part in creating products and marketing activations that resonate with US consumers.

“Opening our PUMA Studio in LA is an important strategic move for us, as we seek to elevate our business in the United States,” said Arne Freundt, Chief Executive Officer at PUMA. “Our new home will allow us to attract the best talent in one of the most vibrant and creative cities globally to create great product propositions for the US market.”

The PUMA Studio will offer an exciting environment which allows the company’s product, design and marketing teams to bring their creative ideas to life. It will complement PUMA’s existing global and regional product teams located in Somerville, Mass. While the PUMA Studio will open in its new location in early 2025, PUMA already started the recruitment of the talent for its temporary office location in LA.

The PUMA Studio will also allow PUMA to be closer to some of its most important ambassadors from the worlds of music and entertainment. Apart from the design and creative space, it will feature a bespoke space for VIP clients to have exclusive access to PUMA’s upcoming products. 

PUMA CEO Arne Freundt and Alexandra Popp, the captain of the Germany national football team, spoke about leadership and the challenges of women in football. The video interview is part of the sports company’s digital annual report, which was published on March 18 on about.puma.com. 

Voted Germany’s footballer of the year three times, Alexandra is one of the most prominent ambassadors for women’s football and she is known for her skill and charismatic leadership on the pitch. She started off her career playing in a mixed team, and she distinctly recalled how girls were often belittled and treated unfairly on the pitch.

“Football is still pretty tough for girls. The boys in my team were cool. But our opponents were another story. They laughed at you. They said: look, they have a girl in their team, we’ll beat them easily,” Alexandra said. “Or when you play and you dribble past the first guy, maybe past the second guy and then the third guy fouls you hard and knocks you off your feet. In a very nasty way. And you have the parents on the sidelines who cheer him on. If you hear how girls are still being treated at some of the clubs, not a lot has changed.”

Arne said her story showed how much there is still to be done to create a level playing field for women in football.

“Your story is very inspiring and had a huge impact on me. I had thought and hoped that our society would be more open and judge players on their skills and performance and not on their gender,” Arne said on his LinkedIn channel. “It clearly shows that we have still a huge way to go. As a sports company we are 100% committed to support trailblazers like you who prove the haters and doubters wrong.”

In spite of the difficult time as a youth player, Alexandra believes the challenges early in her career gave her the thick skin necessary to persevere in her long and successful career. 

“I totally get the girls who say: I don’t want that,” she said. “Because it was the path I chose to follow, I can now say that those years helped me build up a certain resilience and a certain mentality. Maybe it was what made me the type and the character I am today when I’m on the pitch.”

When it comes to leadership, Alex said she believes that the necessary skills were part of her mindset early on in her career, but she noted that she still had a lot to learn once she was asked to captain the team.

“I needed a year to grow into that position, especially when it came to communication,” Alexandra said. “As a player, I benefited from tough, straightforward advice. And I thought, well I’ll do it exactly the same way. But that really backfired with some of the players. I had to learn that.” 

Arne, who became PUMA CEO in 2022, said he quickly discovered how much he enjoyed leading a team and developing people to reach their full potential.

“My first team was quite small, just two employees,” Arne said. “But I already really enjoyed it back then, to lead them, to develop them and to see that you have an impact. You make them better at what they do.”

Asked to give advice to young people who want to become CEOs themselves, Arne said they should first and foremost follow their passion.

“Look for something that you really enjoy doing. That intrinsically motivates you,” Arne said. “That gives you energy and moves you forward. Once you have found that, there are no further barriers to making you successful.”

Alexandra will captain Germany at the Olympic Football Tournament in Paris this year. 

The video of the full interview is available at https://annual-report.puma.com