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Over in Germany, Puma has told investors this morning that it plans to cut more than 900 jobs in a turnaround plan under the new boss Arthur Hoeld.
The sportswear brand said it will cut 900 roles by the end of next year as part of a plan to get back to growth by 2027.
Puma said it had to address the “the fact that it has become too commercial, which is reflected in muted brand heat, low distribution quality, and a product offering that is not cutting through in the market.”
Puma, which is listed in Germany and employed more than 22,000 people at the end of 2024, has lost almost three-quarters of its market value over the past five years, as it has struggled to attract shoppers in an increasingly competitive sportswear market.
