On a preliminary basis, sales for the second quarter declined currency-adjusted (ca) by 2.0% to € 1,942 million. Currencies were a major headwind, negatively impacting sales in euro terms by approximately € 135 million (-8.3% reported). The sales decline was driven by the key markets North America (ca -9.1%), Europe (ca -3.9%) and Greater China (ca -3.9%). While the sales in the rest of APAC also declined 
(ca -2.4%), Latin America (ca +16.1%), EEMEA (ca +0.5%) continued to grow. From a channel perspective the sales decline was driven by softness in the Wholesale business (ca -6.3%), while the Direct-to-Consumer (DTC) business increased (ca +9.2%), led by double-digit growth in E-Commerce. The growth in PUMA’s Footwear business (ca +5.1%), was more than offset by a decline in Apparel (ca -10.7%) and Accessories (-6.4%).

The gross profit margin declined by 70 basis points to 46.1%, primarily reflecting increased promotional activity and unfavourable currency effects. This was partially offset by tailwinds from sourcing and freight, as well as a positive impact from distribution channel mix. The second quarter adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Taxes on income amounted to € -94.7 million.The increase compared to last year was mainly driven by deferred tax assets write-offs in the U.S. and China. The net loss came in at € -247.0 million.

Preliminary currency-adjusted sales in the first half year 2025 declined by 1.0% (ca) to € 4,018 million (-4.8% reported). The gross profit margin decreased by 60 basis points to 46.5%. The adjusted EBIT, excluding one-time costs*, decreased to € 62.5 million. During the first half year 2025, PUMA incurred one-time costs* of € 102.6 million. The net loss came in at € -246.6 million. 

Inventories increased by 9.7% reported and 18.3% currency-adjusted to € 2,151 million and were primarily impacted by higher inventory levels in our key markets. 

Amid ongoing volatile geopolitical and macroeconomic volatility, PUMA anticipates that both sector-wide and company-specific challenges will continue to significantly impact performance in 2025. Key factors include muted brand momentum, shifts in channel mix and quality, the impact of U.S. Tariffs, and elevated inventory levels. 

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance observed in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. Despite ongoing mitigating measures such as supply chain optimization, pricing adjustments and partner collaboration, the U.S. Tariffs are expected to have a mitigated negative impact in 2025 of around € 80 million on gross profit. 

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million).

*one-time cost include cost related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

 The financial results are preliminary and unaudited. 

Media Relations:

Kerstin Neuber – Senior Director Corp Comms – PUMA SE – kerstin.neuber@puma.com

Investor Relations:

Oliver Maier – Interim Director Investor Relations – PUMA SE – oliver.maier.ext@puma.com

Notes to the editors:

• The financial reports are posted on about.puma.com

• PUMA SE stock symbol:

  Reuters: PUMG.DE, Bloomberg: PUM GY, 

  Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Sports company PUMA today announces preliminary results for the second quarter 2025 and revises its financial outlook for the full year 2025, due to a softer than anticipated topline development and including the expected implications from U.S. Tariffs based on information available as of 23 July 2025. 

Softer than anticipated topline development in our key markets (North America, Europe and Greater China) affected PUMA’s sales and earnings performance in the second quarter. As a result, adjusted EBIT came in below expectations in the second quarter. On a preliminary basis, sales for the second quarter declined by 2.0% currency-adjusted (ca) to € 1,942.2 million (-8.3% reported). Adjusted EBIT, excluding one-time costs*, decreased to € -13.2 million. In addition to the overall softer topline development, the decline in adjusted EBIT was mainly driven by the lower gross profit margin. PUMA incurred one-time costs* of € 84.6 million in the second quarter. Net loss for the quarter amounted to € -247.0 million.

Looking ahead, PUMA no longer expects to achieve the currency-adjusted sales growth previously anticipated for the remainder of 2025. The softer topline performance seen in the second quarter is expected to persist for the remainder of 2025, resulting in higher inventory levels. In this context, PUMA will continue to actively reduce inventory levels. In addition, the company also expects ongoing macroeconomic challenges, as well as the mitigated negative impact of U.S. Tariffs (around € 80 million on gross profit), to affect performance throughout the year.

In response to these developments, PUMA has revised its full-year guidance. Currency-adjusted sales are now forecast to decline low double digit percentage (Previously: low- to mid-single-digit percentage currency-adjusted increase). 

For the EBIT , we expect a loss in the full year 2025 (Previously: EBIT of € 445 million to € 525 million), reflecting softer topline development, increased currency headwinds, the impact of the U.S. Tariffs and additional measures, including one-off charges, to further align the cost base in the second half of the year. We are providing an earnings outlook for reported EBIT only.

In response to second quarter performance and the muted growth outlook in the second half of 2025, PUMA has revised its capital expenditure plans for the year and now expects to invest around € 250 million in 2025 (Previously: around € 300 million). 

*one-time costs include costs related to the “nextlevel” cost efficiency programme, goodwill impairments and other one-time costs

The financial results are preliminary and unaudited. 

Media Relations:

Kerstin Neuber – Senior Director Corp Comms – PUMA SE – kerstin.neuber@puma.com

Investor Relations:

Oliver Maier – Interim Director Investor Relations – PUMA SE – oliver.maier.ext@puma.com

Notes to the editors:

• The financial reports are posted on about.puma.com

• PUMA SE stock symbol:

  Reuters: PUMG.DE, Bloomberg: PUM GY, 

  Börse Frankfurt: ISIN: DE0006969603– WKN: 696960

Last summer, at the 2024 Paris Olympic Games, Tentoglou captivated the world by successfully defending his Olympic title—a feat previously accomplished only by the legendary Carl Lewis—with a jump of 8.48 m

“We’re incredibly proud to welcome Miltiadis to the PUMA family. Signing him is a great moment for PUMA as we keep growing our presence in athletics and establishing PUMA as a dominant brand,” said Pascal Rolling, Director of Sports Marketing Running at PUMA. “Watching his performance in Paris was a thrill, and we’re excited to support him both on and off the track as he continues to push boundaries and inspire a new generation of athletes.” 

On top of his Olympic achievements, Miltiadis is a six-time European champion, winning a record three consecutive outdoor titles in 2018, 2022 and 2024 and a record three successive men's indoor titles between 2019 and 2023. 

PUMA is all about backing track and field athletes—those who bring passion, personality, and bold energy to the sport. In collaboration with athletes like Miltiadis, PUMA continues to push the boundaries of performance innovation, developing cutting-edge products that empower them to perform at their peak.

Tentoglou will compete as a PUMA athlete during the Novuna London Athletics Meet on July 19. 

The contract extension will allow PUMA and Manchester City to continue to innovate and create products that appeal to the club’s ever-growing global community of fans over the coming seasons.

“PUMA’s partnership with Manchester City has been a great success both on and off the pitch,” said PUMA Chief Executive Officer Arthur Hoeld. “Trophies, a perfect stage for our performance products and commercial success were exceptional.”

PUMA has celebrated many successes with the club during the partnership - most notably the Treble Winning 2022/23 season, four consecutive Premier League titles, and several domestic cup competition wins for the men’s first team and an FA Cup and League Cup victory for Manchester City Women. 

During the partnership, Manchester City’s Elite Development Squad (EDS) has also secured four Premier League 2 titles and the Under-18s have won two FA Youth Cups and were named Premier League National Champions on three occasions. 

Commercially, PUMA and Manchester City have set new club sales global records over the years and co-created iconic, best-selling kits such as the 2022/23 Colin Bell inspired home shirt worn during the treble-winning season.

“We joined forces with PUMA with the ambition to challenge ourselves and go beyond the expectations. We have achieved this and more over the last six seasons,” said Ferran Soriano, Chief Executive Officer of City Football Group. “PUMA have seamlessly integrated into our organisation, and we've enjoyed many historic moments together, engaging fans globally. Today’s renewal and extension solidifies our relationship and projects it to an even brighter future.”

PUMA and Manchester City have introduced industry-leading innovations both in terms of product and marketing campaigns over the past seasons. In 2022, they launched a kit in the metaverse for the first time with partner Roblox and more recently invited Man City fans to design a future kit by using AI technology.

PUMA’s subsidiary STICHD is the exclusive retail partner of Manchester City and helped expand the club’s retail footprint with the opening of City Stores in Manchester Arndale, within the ‘City Challenge’ in Yas Mall, Abu Dhabi and the four-month pop-up City Store at Rockefeller Centre, New York last summer. Manchester City’s online store ManCity.com is also operated by STICHD. As part of this new long-term partnership there is a commitment to continue the global expansion of the City Store network including a new flagship store as part of the ongoing development of the Etihad Campus.

Manchester City has also supported PUMA with sustainability initiatives such as its innovative RE:FIBRE recycling project. Since 2024, all Manchester City replica shirts are manufactured using RE:FIBRE materials that were recycled from factory off-cuts, faulty goods, and pre-loved clothing as the primary source of material.

PUMA are also partner of City Football Group clubs Melbourne City FC, Girona, Lommel, Mumbai City FC, Montevideo, Palermo, Bolivia and most recently Bahia and ESTAC. 

Since the start of their partnership in the 2012/13 season, BVB has celebrated many successes, such as reaching the finals of the 2012/13 and 2023/24 UEFA Champions League and winning the 2016/17 and 2020/21 German DFB Cup. The club is currently participating in the FIFA Club World Cup, where it has already reached the round of 16. 

BVB continues to set the standard in European football when it comes to matchday attendance, with more than 80,000 fans visiting the Signal Iduna Park on average.  

“By extending our long-term partnership with BVB ahead of schedule, we are showing how deeply committed we are to the club and its values,” said Matthias Bäumer, Chief Commercial Officer at PUMA. “Season after season, we are inspired by the club’s incredible fan culture, the passion of the legendary Yellow Wall and the team’s attractive style of play. We look forward to continuing to write German football history together.” 

“Our partnership with PUMA has worked so well, because our views of the sport and our values are so closely aligned,” said Carsten Cramer, Managing Director of Borussia Dortmund. “What we have achieved together so far could not have been done with any other partner and we are very excited to continue on this path for the coming seasons.” 

As part of the contract extension, PUMA will continue to equip all male, female and youth teams and create replica and fanwear products. 

The Voices, who joined PUMA in 2023 to advise the company on its sustainability strategy, will summarize the complex content of the report and focus on the issues that matter most to young audiences, including climate change and circularity. In doing so, they offer fresh takes on PUMA’s environmental priorities, while reflecting the concerns and expectations of Gen-Z.

“As a brand, we know that publishing sustainability data isn’t enough. Today’s consumers want clarity, action and accountability and they want it communicated in ways that resonate,” said Kerstin Neuber, Senior Director Corporate Communications at PUMA. “The Voices will help us share our challenges and achievements in a way that’s accessible, honest and rooted in the issues young people want to know more about.”

In its 2024 sustainability report, PUMA details the tangible process it’s making to lower its carbon footprint across both its own operations and supply chain. This includes setting science-based targets, increasing renewable energy use and working closely with suppliers to drive measurable reductions. The brand is also stepping up its approach to circularity. In 2024, it reduced waste to landfill by 87.8% per footwear pair and diverted 99% of fabric waste from landfill, with the majority reused or recycled.  

To address material choices, PUMA has committed to sourcing deforestation-free bovine leather by 2030 and is partnering with the Textile Exchange and cattle farmers in Brazil to support both animal welfare and protect critical forest ecosystems that store vast amounts of carbon. It’s also expanding initiatives like RE:FIBRE, the brand’s textile-to-textile recycling programme, to cut reliance on virgin polyester and lower the environmental footprint of its products and packaging.  

PUMA achieved its goal of making 9 out of 10 products from recycled or certified materials and made further progress with its sustainability targets, such as lowering its greenhouse gas emissions. The full report, containing more than 200 pages, was published in late April.

As a result of its “Conference of the People” event in London in 2022, PUMA made it a priority to be more proactive in communicating its sustainability strategy to younger audiences. New research commissioned by PUMA shows that more than half (55%) of 18–27-year-old consumers globally believe brands aren’t being transparent enough about their environmental impact. Reducing carbon emissions is one of the top priorities for Gen-Z when it comes to responsible production, with one in four (25%) identifying it as a major concern.  

More information about the Voices of a RE:GENERATION initiative can be found on PUMA's FOREVER. BETTER. website, and the individual Instagram channels of the Voices. Watch Aishwarya Sharma’s content here, Andrew Burgess’s content here, and Luke Jaque-Rodney’s content here.  

“Sport is not just part of PUMA’s DNA – it's a social responsibility”, said Johan Adamsson, Vice President Sports Marketing at PUMA. “As a WFSGI member, we fully support the report because it demonstrates how our industry can drive meaningful change by working together. It's a powerful reminder that sport has the potential to transform lives.”

The WFSGI report showcases the urgent need to address the fact that over 1.8 billion adults and 81% of adolescents worldwide are physically inactive. It highlights the importance of the sporting goods industry, taking collective action to create positive change. PUMA is proud to contribute to this mission.

PUMA stands with the world’s fastest athletes – but we are equally dedicated to supporting everyday movers around the globe. Promoting physical activity is not only part of our identity, it’s a responsibility we embrace.

For more information on the report, visit wfsgi.org.

Dominique, a French and German national, has been with PUMA for 19 years and has held various positions in marketing and product development during that time. Most recently, he worked as the Senior Director of Product Line Management for Teamsport Footwear and Equipment, overseeing the company’s successful football boot franchises FUTURE, ULTRA and KING. He studied management at Kedge Business School in Bordeaux, France.

"With Dominique, we have appointed an experienced leader for our Teamsport business unit, who has played a crucial role in launching some our most successful performance products," said Maria Valdes, Chief Product Officer at PUMA. "I am confident that Dominique will continue to build on PUMA’s strong momentum in Teamsport and introduce exciting new products that will resonate with athletes at all levels, teams and fans around the world."

In his new role, Dominique will be responsible for the entire product team in the business unit. He will ensure the successful development and execution of product strategies while collaborating with PUMA’s many external partners such as clubs and federations.

PUMA’s Teamsport business unit makes footwear, apparel and accessories for football and locally relevant sports including handball, rugby and cricket.

Key developments Q1 2025

• Currency-adjusted sales up by 0.1% to € 2,076 million (-1.3% reported)
• Gross profit margin decreases by 60 basis points to 47.0%
• Operating expenses (OPEX) increase by 7.1% to € 905 million
• Adjusted EBIT excluding one-time costs decreases by 52.4% to € 76 million
• EBIT at € 58 million, including one-time costs of € 18 million from the nextlevel cost efficiency programme
• Nextlevel Update: Reduction of about 500 staff positions expected to be completed by end of Q2. Efficiency initiatives started for unprofitable owned & operated retail stores, indirect procurement, sourcing and IT
• PUMA appoints Arthur Hoeld as CEO (effective 01 July 2025) and Matthias Bäumer as Chief Commercial Officer (effective 01 April 2025)

Outlook FY 2025

• Currency-adjusted sales growth at low- to mid-single digit percentage rate
• Adjusted EBIT excluding one-time costs in a range between € 520 million and € 600 million
• CAPEX of around € 300 million
• Maintained outlook excludes potential implications from U.S. tariffs announced after PUMA’s initial outlook on 11 March 2025

First Quarter 2025

Sales grew currency-adjusted (ca) by 0.1% to € 2,076.0 million (-1.3% reported). Sales in the EMEA region increased by 5.1% (ca) to € 891.7 million, driven by double-digit growth in EEMEA. In the Americas region, sales decreased by 2.7% (ca) to € 753.7 million due to a decline in North America, while Latin America recorded double-digit growth during the quarter. Sales in the Asia/Pacific region decreased 4.7% (ca) to € 430.5 million, reflecting ongoing softness in Greater China. 

PUMA’s Wholesale business decreased by 3.6% (ca) to € 1,529.5 million. As anticipated, the softness was mainly driven by the U.S. and China. Our Direct-to-Consumer (DTC) business grew by 12.0% (ca) to € 546.5 million, led by the e-commerce business which grew 17.3% (ca), while sales in owned & operated retail stores increased 8.9% (ca). The DTC share rose to 26.3%, up from 23.5% in Q1 2024.

Footwear sales increased by 2.4% (ca) to € 1,186.0 million, driven by the Running, Basketball and Sportstyle categories. Sales in Apparel decreased by 1.5% (ca) to € 594.3 million while Accessories decreased by 5.7% (ca) to € 295.7 million due to Golf.

The gross profit margin decreased by 60 basis points to 47.0% (Q1 2024: 47.5%). Positive inventory valuation effects in the previous year as well as currency effects were a headwind. This was partially offset by tailwinds from sourcing, along with a favourable effect from the product and distribution channel mix. 

Operating expenses (OPEX), excluding nextlevel related one-time costs, increased by 7.1% to € 904.9 million (Q1 2024: € 845.3 million). The increase was mainly due to the continued growth of our DTC business, especially e-commerce, and higher depreciation & amortisation (D&A) from investments in DTC and infrastructure. In addition, currency-related headwinds and timing of marketing activities weighed on the OPEX ratio, which increased by 340 basis points to 43.6% (Q1 2024: 40.2%).

Adjusted EBIT, excluding nextlevel related one-time costs, decreased by 52.4% to 
€ 75.7 million (Q1 2024: € 159.0 million) due to a lower gross profit margin and higher OPEX. PUMA incurred one-time costs of € 18.0 million in the first quarter as part of its nextlevel cost efficiency programme. These costs were mainly associated with personnel expenses and other one-time non-operating costs. Consequently, the operating result (EBIT) decreased by 63.7% to € 57.7 million (Q1 2024: € 159.0 million) and the EBIT margin came in at 2.8% 
(Q1 2024: 7.6%).

The financial result decreased by 56.8% to € -42.0 million (Q1 2024: € -26.8 million) mainly due to higher net interest expenses. Taxes on income amounted to € -4.2 million (Q1 2024: 
€ -33.0 million) with a tax rate of 26.5% (Q1 2024: 25.0%) driven by higher withholding taxes and a different profit mix. Net income attributable to non-controlling interests was at 
€ -11.1 million (Q1 2024: € -11.8 million).

Consequently, net income came in at € 0.5 million (Q1 2024: € 87.3 million) and earnings per share amounted to € 0.00 (Q1 2024: € 0.58)

Working Capital

The working capital increased by 12.8% to € 2,081.6 million (31 March 2024: € 1,845.7 million). Inventories increased by 16.3% to € 2,076.1 million (31 March 2024: € 1,785.6 million), mainly driven by a strong increase of goods in transit. Trade receivables increased by 5.9% to € 1,517.6 million (31 March 2024: € 1,432.5 million). Trade payables increased by 17.3% to € 1,434.9 million (31 March 2024: € 1,222.8 million), in line with the increase of inventories.

Share Buyback 

On 31 March 2025, PUMA completed the acquisition of shares within the framework of the share buyback programme of PUMA SE, which started on 7 March 2024. Under this programme, a total of 2,816,714 shares were repurchased, representing approx. 1.88% of the company's nominal share capital. The average purchase price per share paid on the stock exchange was € 35.50. The total price of the acquired shares amounted to € 100 million (excluding incidental transaction costs).

Brand & Product Update

• PUMA launches “Go Wild”, its biggest brand campaign to date, with a first chapter dedicated to running
• PUMA inspires runners to set new personal bests at the Boston and London Marathon with its fastest-ever racing shoe, the Fast-R NITROTM Elite 3
• PUMA athlete and pole vault world record holder Armand “Mondo” Duplantis wins Laureus World Sportsman of the Year Award
• PUMA becomes official partner of the Premier League, the most-watched football league globally
• PUMA’s Speedcat Ballet, featuring K-pop star Rosé in a global campaign, ranked in the top 3 of the LYST index
• PUMA and HYROX, the world series of fitness racing, launch first joint collection to include co-branded footwear as well as performance apparel
• PUMA reaches goal of making 9 out of 10 products with recycled or certified materials in 2024

Outlook 2025

In a challenging environment, PUMA’s performance for the first quarter of 2025 was broadly in line with expectations. The company continues to focus on its controllables and expects currency-adjusted sales to grow in the low- to mid-single-digit percentage range in the financial year 2025. 

PUMA continues to execute the nextlevel cost efficiency programme which is expected to incur one-time costs of up to € 75 million in 2025. These one-time costs are related to the closure of unprofitable owned & operated retail stores, restructuring expenses and other one-time non-operating costs. In return, the company expects to generate additional EBIT of up to € 100 million in 2025. 

To better reflect the underlying business performance, the company is providing an adjusted EBIT outlook for 2025, which excludes one-time costs related to the nextlevel cost efficiency programme. Accordingly, PUMA expects an adjusted EBIT in the range of € 520 million to € 600 million for the financial year 2025 (2024: € 622.0 million). 

PUMA acknowledges the ongoing changes to the additional U.S. tariffs announced recently. At this stage, the outcome of these developments remains highly uncertain and therefore this outlook does not include potential implications from tariffs announced after PUMA’s initial outlook on 11 March 2025.

PUMA plans to continue investing in its retail store network and e-commerce business, along with warehouse and digital infrastructure, to enable its long-term growth objectives and therefore anticipates capital expenditures (CAPEX) of around € 300 million in 2025 (2024: € 263.0 million).

While the environment remains volatile, the company continues to focus on its controllables. PUMA is committed to addressing short-term challenges while continuing to prioritise investments into the brand and infrastructure as foundation for mid- to long-term success.

Financial Calendar:

21 May 2025                                     Annual General Meeting

31 July 2025                                     Interim Report Q2 2025

30 October 2025                              Quarterly Statement Q3 2025

The financial releases and other financial information are available on the Internet at “about.puma.com“.

Since initially setting the goal of 9 out of 10 products in 2021, PUMA has sharply increased the use of recycled and certified materials, which emit fewer greenhouse gases. In 2024, PUMA used 13% recycled cotton and about 75% of recycled polyester fabric in its products. 

“Reaching our goal of 9 out of 10 products one year ahead of schedule is a testament to the great teamwork of everybody involved at PUMA and our manufacturing partners,” said PUMA’s Chief Product Officer Maria Valdes. “We will take this momentum and continue to look for ways to reduce our environmental footprint as part of our Vision 2030 sustainability goals.”

While recycled polyester is usually manufactured from plastic bottles, PUMA has taken a leading role in the industry with its textile-to-textile recycling project RE:FIBRE, which uses industrial and post-consumer waste as the main source of raw materials In 2024, 13.9% of polyester used in PUMA’s Apparel products was already made using RE:FIBRE. 

In Climate, PUMA continued to work with its core suppliers to reduce greenhouse gas emissions in the supply chain. As a result, emissions of purchased goods and services decreased by 17% between 2017 and 2024. In 2024, PUMA lowered emissions from its own operations by 86% compared to 2017, by powering all offices, stores and warehouses with renewable electricity, (including the purchase of Renewable Energy Certificates, by increasing the number of electric vehicles in its global car fleet and by opening two large-scale solar PV plants at its headquarters and a major distribution centre in Germany. 

Overall, PUMA aims for a 90% absolute reduction of greenhouse gases in its own operations and a 33% absolute reduction in supply chain emissions by 2030 compared to 2017, to achieve what scientists say is necessary to limit global temperature rises to 1.5 degrees compared to pre-industrial levels.

Regarding its Human Rights targets, PUMA organized further trainings on important issues such as sexual harassment for the workers in its supply chain. More than 290.000 PUMA employees and factory workers have received training on sexual harassment since 2021. In 2024, the average payment at PUMA’s core suppliers worldwide, including overtime and bonuses, was 66% above minimum wage, an increase of 3 percentage points from the previous year.

You can download the full report here.

Tara, who until recently led PUMA’s Marketing and Brand Strategy in North America, will with immediate effect take over the role from Bob Philion, who will leave PUMA after 20 years with the company and eight years as President of PNA to pursue opportunities outside of PUMA.

“With Tara, we have appointed a leader with a great understanding of our consumers, our industry and the North American market,” said PUMA Chief Commercial Officer Matthias Bäumer. “I strongly believe she has the experience and the strategic mindset to help us succeed in this crucial market. I want to thank Bob for the past eight years as the President of PNA, a time during which we put PUMA back on the map in North America, and I wish him all the best for the future.”

Tara rejoined PUMA as Senior Vice President Brand and Strategy in 2024. Before that, she worked at Clarks as the Global Chief Marketing Officer and Digital Officer. She also became the first Chief Marketing Officer at TB12, Tom Brady’s global health and wellness brand. Early on in her career, she already worked at PUMA North America between 2006 and 2016, where she held different positions in the media planning and sports marketing departments before taking on marketing responsibilities for the region. 

Tara is also a strategic advisor for Relentless Consumer Partners and a non-executive board member at kegg. Her work has been recognized in multiple leading industry awards, most notably as a member of the 2024 Forbes Entrepreneurial CMO 50 list.

Arne Freundt, CEO of PUMA SE, is leaving the company after 14 years in various leading positions. In agreement with the Supervisory Board, he will resign as member of the Management Board and CEO on April 11, 2025.