Herzogenaurach, Germany, April 6, 2023
PUMA's ‘Voices of a RE:GENERATION’ Initiative Offers Young Changemakers a Voice in Shaping the Future of Sustainability

PUMA empowers young voices by giving a ‘seat at the table’ through ‘Voices of a RE:GENERATION’, building on the findings from ‘Conference of the People, powered by PUMA'

The project prioritises sustainability for the next generation, responding to research indicating that young people want brands to make more commitments, communicate goals better and be more transparent in the space

Sports company PUMA has today announced a new initiative that looks to evolve how the brand navigates its sustainability journey by including the next generation’s perspectives and recommendations. The project, coined Voices of a RE:GENERATION, will kick off with PUMA collaborating and giving a ‘seat at the table’ to four, young, environmentalist ‘voices’ from across Europe and the US over a year-long period.

Part of PUMA’s ongoing commitment to a Forever Better, the four Voices of a RE:GENERATION will work with PUMA to translate sustainability in a way that makes sense to and engages with the next generation, in addition to feeding into how the brand can drive greater sustainability practices, in line with its 10 for 25 targets. Work will take on an honest and candid consultancy format, with the voices sharing their perspectives and insights and identifying areas where the brand can improve. 

Making up PUMA’s Voices of a RE:GENERATION, will be:

  • Alice Aedy - UK-based visual storyteller, documentarian and co-founder of Earthrise Studio, an impact-driven media company focused on human stories from climate frontlines.
  • Andrew Burgess – US-based upcycler determined to change the way people consume clothing and fashion through his own creations.
  • Luke Jaque-Rodney – Germany-based sustainable and healthy living vlogger who explores better ways to live sustainably.
  • Jade Roche – France-based visual artist and creative consultant working with brands to improve how they communicate.

PUMA’s Voices of a RE:GENERATION represents a continuation of the work PUMA started in September 2022 with its ‘Conference of the People, powered by PUMA’ event in London. The conference, which discussed solutions for some of the fashion industry’s most pressing sustainability challenges with a special focus on Gen- Z, highlighted the need for brands to improve transparency and conduct greater communication regarding sustainability.

The new initiative builds upon the brand’s commitment to ensuring PUMA’s sustainability initiatives are digestible for everyone, particularly for the next generation, after research conducted by PUMA found that 71% of young people felt their voices weren’t being heard when it comes to the environment and would like to see brands making more commitments (49%), communicating their goals better (40%) and being more transparent (34%).

Throughout 2023, PUMA’s Voices of a RE:GENERATION will meet with Anne-Laure Descours, PUMA’s Chief Sourcing Officer, and PUMA’s Sustainability team to collaborate and present their honest views. Working together, the partnership will explore actionable ways that feedback can be implemented within PUMA’s business and sustainability strategy, whilst also using the voices’ platforms to communicate PUMA’s efforts transparently and authentically to the world.

Speaking on the new initiative Anne-Laure Descours, Chief Sourcing Officer at PUMA, said: “We’ve always documented our progress in sustainable practices. However our participation in Conference of the People has shed light on the fact that the information we share isn’t always easily understood by the next generation. We recognise the need for change, and we're committed to making sustainability more accessible and transparent to everyone. Voices of a RE:GENERATION is our first step in improving this.”

Alice Aedy, UK, comments: “Sustainability is highly unglamorous, technical but urgent work with impacts for both people and planet. It’s undeniably a hugely complex topic. It’s deeper than just materials or emissions; it’s about the people and processes that strive behind the scenes to realise a brand’s efforts to be more sustainable and it’s also about how the brand, like PUMA, is communicating that with authenticity”. 

Andrew Burgess, USA, comments: “Sustainability can’t be one-sided. You can’t have one brand calling the shots, especially when you have consumers worldwide interacting with your products. I’m looking forward to delving deep into PUMA’s efforts and sharing my take on how they can improve. It’s time our generation had a seat at the table”.

Luke Jaque-Rodney, Germany, comments: “We can all try our best to live and dress sustainably, but ultimately, we’re at the mercy of the brands we buy our clothing from. We know that one person can’t make a difference alone, but our voices are still powerful when combined and communicated with the right people and the right brands, like PUMA. This is very exciting”.

Jade Roche, France, comments: “It’s great to see a global brand like PUMA holding itself more accountable for their sustainability and being willing and open to having these tough conversations when it comes to how they’re doing and how they're planning. It’s also time that we, in general, started discussing what sustainability really means; what does it take for a brand to achieve greater sustainability on all aspects of it while being transparent, and what does it look like for the next generation?”

Voices of a RE:GENERATION is just one step further in years of progress for PUMA. In 2022, the brand topped the Business of Fashion sustainability ranking, the platform on living wage financials ranking, and the FTSE4Good ranking within its sectors. It was included in the Corporate Knights global top 100 most sustainable companies ranking, maintained its triple-A ranking with MSCI and its prime status with ISS; two leading sustainability rating agencies. Reuters also ranked it as number two within its sector and, in S&P sustainability benchmarking, PUMA outperformed all other sports brands for the first time since 2010.

PUMA’s Voices of a RE:GENERATION launches today and marks the beginning of a year-long initiative that gathers insights and feedback on how to improve its efforts in communicating on sustainability. Follow PUMA and its voices on social media to see their conversations with PUMA come to life and encourage change. More information can be found at https://about.puma.com/en/sustainability/voicesofregeneration

HERZOGENAURACH, GERMANY, APRIL 26, 2023
PUMA records double-digit Sales growth in Q1

2023 First Quarter Facts

• Sales increase by 14.4% currency adjusted (ca) to € 2,188 million (+14.4% reported / Q1 2022: € 1,912 million)

• Gross profit margin is at 46.5% (Q1 2022: 47.2%)

• Operating expenses (OPEX) increase by 19.0% to € 848 million (Q1 2022: € 713 million)

• Operating result (EBIT) amounts to € 176 million (Q1 2022: € 196 million)

• EBIT margin is at 8.0% (Q1 2022: 10.3%)

• Net income is at € 117 million (Q1 2022: € 121 million)

 

Product, Marketing & Other Highlights

• PUMA and Rihanna announce a new multi-year collaboration focused on unisex and kids collections

• PUMA signs long-term partnership with Manchester City & England playmaker Jack Grealish

• PUMA celebrates sports in China with Manchester City’s Trophy Tour and a running event at the Shanghai International Circuit

• PUMA introduces its legendary KING football boot made with animal-free K-BETTER upper material

• PUMA signs legendary marathon runner Edna Kiplagat and fastest European female mid-distance runner Konstanze “KoKo” Klosterhalfen

• PUMA and LaMelo Ball launch a Rick and Morty version of the MB.02 basketball shoe 

• PUMA launches FOREVER. CLASSIC. Campaign in the USA featuring culturally relevant celebrities

• PUMA celebrates the terrace sneaker trend with PALERMO and SUPER TEAM and broadens its product offering

• PUMA joins forces with the iconic cartoon series SpongeBob SquarePants for a new collection

• PUMA ranked among the top 3 companies in Fossile Free Fashion scorecard by STAND.earth

 

Arne Freundt, Chief Executive Officer of PUMA SE:

“Our Q1 growth was a strong start to 2023. In line with our strategy to be the best partner to retailers, we grew our wholesale business in a challenging environment and further strengthened our performance credibility with strong growth in our strategically important performance categories. Our significant growth in DTC demonstrated PUMA’s continued brand momentum globally, including North America and Greater China.

We benefited from our geographically diversified business, as strong growth in other regions more than offset the decline in North America. The current development of our North American business confirms the importance and necessity of our new strategy to grow more desirable distribution channels and to contain the off-price business in North America as well as to further elevate the brand. It is reassuring that we returned to growth in Greater China after more than two years of declining business and we are cautiously optimistic about an ongoing positive development.

We consider 2023 to be a year of transition. In line with our expectations, the year has started with pressure on gross profit margin and profitability. For the second quarter, we expect low to mid single-digit sales growth due to high inventory levels in the trade and continued headwinds in the market. For the full year, we confirm high single-digit sales growth and EBIT of € 590 to € 670 million. With our continued momentum we are fully on track to normalize our inventory levels and to achieve our full-year guidance.” 

Puma - Copyright

First Quarter 2023

Sales increased by 14.4% (ca) to € 2,187.7 million (+14.4% reported). The EMEA region recorded strong sales growth of 25.4% (ca) to € 883.8 million and Asia/Pacific grew 27.4% (ca) to € 476.0 million, supported by a return to growth in Greater China for the first time in two years. Sales in the Americas came in at € 827.9 million (-0.8% ca) due to a decline in North America, while Latin America continued to show strong growth. The decline in North America was due to a lower sell-in to the Wholesale distribution channel, particularly to off-price retailers, as a result of high inventory levels in the market. This development underlines the importance of PUMA’s strategy to reduce its relative dependency on the off-price Wholesale business and the need to strengthen its business with more desirable retailers in North America. While the overall business declined in North America, PUMA continued to show growth in all of its strategic performance categories and its DTC business in North America. PUMA benefited from geographic diversification of its business, as strong growth in other regions more than offset the decline in North America, resulting in a double-digit growth rate for the PUMA Group.

Sales in Footwear were up 28.8% (ca), driven by continued strong demand for our Performance categories like Football, Basketball, Running & Training and Golf as well as for the Sportstyle category. Sales in Apparel grew by 1.5% (ca), while Accessories declined by 1.7% (ca), mainly because of softer leg- and bodywear business, especially in North America.

PUMA’s Wholesale business increased by 12.4% (ca) to € 1,722.1 million and the Direct-to-Consumer (DTC) business was up by 22.5% (ca) to € 465.5 million. Sales in owned & operated retail stores increased 17.3% (ca) and e-commerce was up 32.7% (ca). The strong growth in DTC, especially in e-commerce, was primarily driven by continued brand momentum and improved product availability. This resulted in an increased DTC share of 21.3% (Q1 2022: 20.1%). The Wholesale distribution channel continued to grow at a double-digit rate despite high inventory levels in the trade. PUMA continues to focus on the Wholesale distribution channel to be the best partner to retailers.

The gross profit margin declined by 70 basis points to 46.5% (Q1 2022: 47.2%). The ongoing industry-wide promotional activity, higher sourcing and freight costs as well as unfavorable currency effects had a negative impact on the gross profit margin. However, the negative effects were partially offset by price adjustments, a favorable geographical and distribution channel mix.

Operating expenses (OPEX) increased by 19.0% to € 848.3 million (Q1 2022: € 712.8 million). The increase was driven by higher sales-related distribution and other variable costs, mainly associated with strong e-commerce growth, a higher number of retail stores in operation as well as higher marketing expenses. As a consequence, the OPEX ratio increased by 150 basis points to 38.8% (Q1 2022: 37.3%).

The operating result (EBIT) decreased by 10.5% to € 175.5 million (Q1 2022: € 196.0 million) and the EBIT margin came in at 8.0% (Q1 2022: 10.3%).

Net income decreased by 3.4% to € 117.3 million (Q1 2022: € 121.4 million) at a lower rate than EBIT due to improved financial result and lower non-controlling interests. The earnings per share amounted to € 0.78 (Q1 2022: € 0.81). 

Working Capital

The working capital increased by 74.3% to € 1,751.5 million (March 31, 2022: € 1,004.8 million). Inventories were up by 32.7% to € 2,147.3 million (March 31, 2022: € 1,618.3 million). This represents a further improvement and shows that PUMA is on track to rightsize its inventories – also in North America and Greater China. Trade receivables increased by 13.2% to € 1,276.9 million (March 31, 2022: € 1,128.5 million), which is in line with business growth. On the liabilities side, trade payables increased by 0.6% to € 1,282.7 million (March 31, 2022: € 1,275.0 million).

Outlook 2023

PUMA has successfully started the year with double-digit sales growth in the first quarter of 2023. The growth was based on continued brand momentum, new product launches and our partnership approach along our value chain with athletes, retailers and suppliers. PUMA benefited from strong geographical diversification of its business, as strong growth including Greater China more than offset the market headwinds in North America. At the same time, continued demand for our products and our operational agility allowed us to further rightsize our inventory levels.

While PUMA’s start to 2023 has been successful, the macroeconomic situation and overall uncertainty in the trade remain challenging. Recession fears in various markets, persistently high inflation and elevated interest rates are leading to muted consumer sentiment and volatile demand in retail. In addition, elevated inventory levels in the market contribute to a slower sell-in to the Wholesale channel at the moment.

Based on PUMA's strong start to 2023, continued brand momentum and strong growth across our performance categories, we confirm high single-digit percentage currency-adjusted sales growth and operating result (EBIT) in a range of € 590 million to € 670 million (2022: € 641 million) for the financial year 2023. PUMA’s net income is expected to change accordingly. 

For the second quarter, PUMA expects low to mid single-digit sales growth due to high inventory levels in the trade trade and continued headwinds in the market.

The development of the gross profit margin and OPEX ratio will largely depend on the extent and the duration of the negative impacts described above as well as the regional and channel mix. Given the timing of these unfavorable factors, we expect the gross profit margin and profitability to be under more pressure in the first half of the year than in the second half. For the full year 2023, PUMA expects currencies, promotional activity and raw material prices to continue to dilute profitability.

PUMA will continue to focus on managing short-term challenges without compromising the mid- and long-term momentum of the brand, as in previous years. Our sales growth and market share gains will have priority over short-term profitability. The exciting product range for 2023 and very good feedback from retailers on our product pipeline for 2024 make us confident for the mid- and long-term success and continued growth momentum of PUMA

 

Herzogenaurach, Germany, May 11, 2023
Karthik Balagopalan to become Managing Director of PUMA India

Sports company PUMA has appointed PUMA’s Global Director Retail and e-Commerce Karthik Balagopalan (42) as the new Managing Director of PUMA India, one of the company’s fastest growing markets.

Karthik has been with PUMA since 2006. Prior to leading PUMA’s global DTC business, he held management positions in the Retail operations and Business Development at PUMA India. His local knowledge, relevant experience in the direct-to-consumer business across all channels combined with exposure to global business and headquarter functions makes him the ideal candidate for managing the important Indian market. Karthik will report into PUMA CEO Arne Freundt and will be based in Bangalore, India.

Karthik replaces Abhishek Ganguly, who worked for PUMA’s Indian business for 17 years and has been the Managing Director of PUMA India since 2014. Abhishek leaves PUMA to pursue a career as an entrepreneur in his own venture.

“India is a vibrant market, where PUMA has been the No. 1 brand for many years. With the appointment of Karthik, we will write the next chapter of this very successful story,” said PUMA CEO Arne Freundt. “I would like to thank Abhishek for his energy and commitment over the past 17 years and wish him all the best for his future as an entrepreneur.”

Karthik will start in his new role on August 1, 2023. Abhishek will remain at PUMA until the end of August to ensure a smooth transition.

Herzogenaurach, Germany, May 24, 2023
PUMA made 7 out of 10 products from better materials in 2022

Sports company PUMA has made 7 out of 10 products from better materials in 2022, according to the company’s Sustainability Report 2022, as it further scaled up the use of recycled materials.

Better materials, such as cotton and viscose from certified sources or recycled polyester, have a smaller environmental footprint in terms of CO2 emissions and allow PUMA to improve its environmental impact across its product range. Since 2017, we have been able to reduce PUMA’s CO2emissions from materials by 32%. Overall CO2 emissions could be reduced by 7%*, despite a significant growth in sales.

“Our Forever Better strategy aims to make PUMA better across the entire value chain, whether it comes to materials, carbon emissions, circularity or human rights,” said Anne-Laure Descours, Chief Sourcing Officer at PUMA. “We know there is still a lot of work to be done, but we are encouraged by the progress we made last year.”

While PUMA, which is on track to reach its goal of making 9 out of 10 products with better materials by 2025, continued to power 100%* of its offices, stores and warehouses with renewable energy in 2022, its suppliers also increased the use of renewable energy in the supply chain, where most of PUMA’s carbon emissions originate.

PUMA’s core suppliers, which represent approximately 80 % of PUMA’s production volume, more than doubled their consumption of renewable energy in just one year, from 0.2% in 2017 to 11% in 2022. This was achieved through the installation of large-scale solar power systems at selected suppliers and the purchase of renewable energy certificates. By 2025, PUMA aims to more than double this figure once again and get its core suppliers to source a quarter of their energy needs from renewable sources.

More than 50% of the polyester used in PUMA’s apparel and accessories came from recycled materials and the company also started to scale up the use of recycled cotton.

At the same time, PUMA made progress with its Forever Better experiments RE:SUEDE, which tests for a biodegradable sneaker, and RE:FIBRE, which aims to scale up more advanced polyester recycling technologies. Both projects continue in 2023.

To ensure that the rights of the more than half a million workers in PUMA’s supply chain were upheld, the company collected audit reports from 510 factories producing finished products and materials in 2022.

PUMA’s sustainability report is available at https://annual-report.puma.com. As a result of the feedback PUMA received during its first “Conference of the People” in London in 2022 and to reach out to young audiences, parts of the sustainability report will also be made available as a podcast on Spotify, launching June 1, 2023.

*Including renewable energy attribute certificates

Herzogenaurach, Germany, June 1, 2023
IN INDUSTRY FIRST, PUMA CREATES SUSTAINABILITY REPORT PODCAST SERIES TO REACH OUT TO GEN-Z

Sports company PUMA has created a podcast series to make its 2022 Sustainability Report more accessible and to reach a wider and younger audience. The RE:GEN REPORTS podcast features next-generation thinkers from six countries and distills the content of the report into 10 podcast episodes, of which the first three are available on all major podcast platforms on June 1.

The RE:GEN REPORTS podcast, as well as the recently announced Voices of a Re:Generation project, comes as a direct result of the feedback PUMA received at last year’s Conference of the People, which the company organized to discuss solutions for some of the fashion industry’s most pressing sustainability challenges with Gen-Z representatives, industry peers and experts.

“We believe in collaboration, when it comes to sustainability, whether it is NGOs, brands or consumers, especially young people, who will have to live with the decisions made today,” says Anne-Laure Descours, Chief Sourcing Officer at PUMA. “During last year’s Conference of the People, we saw that we needed to do more to reach out to younger generations when we talk about sustainability. A sustainability report as a podcast has never been done before in our industry, but we believe it is an important step to connect with GEN-Z audiences and open up these important conversations.

Each episode of RE:GEN REPORTS will discuss one of PUMA’s 10for25 sustainability targets, covering topics from human rights to sustainable material sourcing, to explain why the company set targets in these areas and what progress it has made. An additional seven episodes will be released weekly from June 8 until July 20.

Based on PUMA’s target to train 100,000 direct and indirect staff on women’s empowerment comes the Human Rights episode. Anya Dillard, US-based award-winning activist, model, and social entrepreneur speaks to Viola Wan, PUMA’s Teamhead of Social Sustainability based in China. The episode discusses PUMA’s audit work with factories in its supply chain.

A target to make 100% of all PUMA products safe to use is the basis of the Chemicals episode. This episode features Germany-based sustainable and healthy living vlogger Luke Jaque-Rodney in conversation with Klaas Nuttbohm from ZDHC, an organisation leading the fashion industry to eliminate harmful chemicals. Luke is one of PUMA’s Voices of a Re:Generation, working with PUMA to translate sustainability in a way that makes sense to and engages with the next generation.

The third episode, Circularity, is based on the target to reduce production waste to landfills by at least 50%. US-based up-cycler, and another of PUMA’s Voices of a Re:Generation, Andrew Burgess is joined by PUMA’s Senior Manager Corporate Strategy, Simon Hessel. The two discuss the chemical recycling process and how it’s used in RE:FIBRE, PUMA’s textile to textile recycling project.

Collaboration across the industry is key to unlocking sustainable progress. Throughout the podcast series, PUMA will feature representatives from industry bodies, businesses and NGOs that push brands to ensure more sustainable practises are in place and monitored. Guests on RE:GEN REPORTS include Fair Labour Association’s Chief of Staff, Shelly Han, UNFCCC’s Sector’s Engagement in Climate Action Lead, Lindita Xhaferi-Salihu, Canopy’s Founder and Executive Director, Nicole Rycroft and Leather Working Group’s Traceability Manager, Vanessa Brain.

PUMA has secured the help of several next-generation entrepreneurs and sustainability experts to host each episode such as Amina Shakeel, Fair Labour Association (FLA) student committee member, Bertha Shum, Hong Kong based founder and CEO of Earthero, Ripudaman Bevli, India based environmentalist and social activist, Melissa Tan, Malaysia based climate action and sustainability advocate, Yumika Hoskin, US-based Pecobag founder, Diandra Marizet US-based intersectional environmentalist, and Monica Buchan-Ng, the Acting Head of Knowledge Exchange at the Centre for Sustainable Fashion in the UK.

PUMA’s sustainability efforts have been recognized several times. In 2022, the brand topped the Business of Fashion sustainability ranking, the platform on living wage financials ranking, and the FTSE4Good ranking within its sectors. It was included in the Corporate Knights global top 100 most sustainable companies ranking, maintained its triple-A ranking with MSCI and its prime status with ISS; two leading sustainability rating agencies. Reuters also ranked it as number two within its sector and, in S&P sustainability benchmarking, PUMA outperformed all other sports brands for the first time since 2010.

PUMA’s full 2022 Sustainability Report can be accessed here.

For more information about the RE:GEN Reports podcast and to listen to first three episodes, click here.

Herzogenaurach/Boston, USA, 14 June, 2023
PUMA reorganizes Global Marketing Organization

• Reorganization to improve alignment across key business categories and accelerate decision-making

• Relocation of Brand Management and Marketing Operations from Boston to Herzogenaurach-HQ

• Strengthening of local US marketing team by increased responsibilities

• Richard Teyssier appointed as new Global Brand & Marketing Director

• PUMA CEO Arne Freundt: “With the reorganization of our Global Marketing function we will lay the organizational foundation to relentlessly drive brand elevation as one of our key strategic priorities.“

As part of the implementation of its strategic priorities, German sports company PUMA is reorganizing the global Marketing Organization. The decision lays the organizational foundation for further elevating the PUMA brand, one of the company’s three strategic priorities. Going-forward PUMA’s Global Marketing Organization will be based at the company’s headquarters in Herzogenaurach, Germany to improve alignment and accelerate decision-making with the company’s Global Business Units, Global Go-To-Market function, and Creative Direction. This involves the relocation of the Brand Management and Marketing Operations departments from Boston to Herzogenaurach, effective July 1. At the same time, the marketing organization of PUMA North America will be further strengthened by the assignment of responsibilities for local sports marketing and local partnership management in order to elevate the brand in the US market. 

“PUMA’s brand is at the heart of our company’s success,” said Arne Freundt, CEO of PUMA. “Yet, our analyses clearly show that PUMA has significant opportunities to leverage the full potential of its brand. This is why relentlessly elevating our brand is one of our key strategic priorities. With the Global Marketing Organization being based in proximity to our key central functions at the HQ, we will lay the organizational foundation for this. It will ensure brand consistency and speed up decision-making to further strengthen the PUMA brand and it will make us even more consumer-centric. With the new setup, we will be able to drive more impactful campaigns to further establish our brand in the minds of our consumers.”

In the context of the reorganization, PUMA’s Global Chief Brand Officer Adam Petrick has decided to not transition to Herzogenaurach, but to pursue new challenges outside of PUMA, after over two decades with the brand. He will be with the company until the end of the year to ensure a smooth transition.

PUMA’s Regional General Manager Europe Richard Teyssier will lead the Global Marketing Organization as Global Brand & Marketing Director, effective 1 July 2023. In this role, he will report directly to PUMA CEO Arne Freundt. Richard has broad expertise in brand management and marketing after 17 years in leading Marketing functions at Mars Inc., where he was responsible for some of the company’s most iconic brands, such as M&Ms and TWIX in France prior to joining PUMA in 2010. At PUMA, Richard had been General Manager for the French market until 2021 before assuming responsibility for Central Europe, France, UK & Ireland, Southern Europe, Northern Europe across all channels. He will continue to lead the Region Europe until his successor is announced.

“I would like to thank Adam Petrick for his significant contribution to PUMA’s success during his more than 20-year-tenure with PUMA,” said Arne Freundt. “With Richard Teyssier, we have found the ideal candidate to drive PUMA’s brand elevation strategy in the future. He is not only a true marketing specialist who comes with a strong expertise in brand management. He is also an integral part of our PUMA family and knows the business inside out from his more than 12 years of general management at PUMA France and PUMA Europe.” 

 

Herzogenaurach, Germany, 19 June, 2023
PUMA appoints Shirley Li as General Manager China

Sports company PUMA has appointed Shirley Li as its new General Manager in China as part of the company’s strategy to strengthen its business in this important market.

Shirley, a native Chinese who joined PUMA in early 2023 as Commercial Director, has more than 20 years of industry experience and gained a deep understanding of the Chinese market and consumer. Before joining PUMA, Shirley worked as VP Wholesale at adidas and she holds a law degree from Fudan University. She replaces Philippe Bocquillon, who will move into the role of PUMA’s Area Manager for Greater China, which includes China, Taiwan and Hong Kong.

Philippe will also take on the position of General Manager Hong Kong, while Paul Yu will remain General Manager of Taiwan. Both, Shirley and Paul, will report to Philippe.

“I am very excited that we will open a new chapter for PUMA China under the new leadership of Shirley,” said Arne Freundt, PUMA CEO. “I am very confident that under her leadership we will rebound strongly in China which is one of our key strategic priorities. I want to thank Philippe for more than 10 years as General Manager of PUMA China. He has done a great job under often very challenging circumstances and I wish him all the best for his new role as Area Manager.”

 

David Lu will further strengthen PUMA China’s top management by replacing Shirley as Commercial Director. He has been with PUMA since March 2023 and has worked in the fashion and sports industry for more than 15 years. Most recently, he worked as the General Manager of Retail Operations at Levi’s.

All of these changes will become effective July 1, 2023.

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