German sportswear giant Puma SE has officially designated 2026 as a ‘transition year,’ forecasting an operating loss (EBIT) between €50 million and €150 million as it executes a massive operational restructuring. Under Arthur Hoeld, CEO, the brand is navigating the second phase of its ‘Reset’ plan, aimed at purging excess inventory and exiting ‘undesirable’ wholesale channels that have historically eroded brand equity. This strategy resulted in a reported 13.1 per cent revenue decline to €7.3 billion in 2025, primarily driven by aggressive product ‘take-backs’ from North American mass merchants and a deliberate reduction in promotional activity. Despite the projected deficit, management has earmarked €200 million in capital expenditures to fortify direct-to-consumer (DTC) infrastructure and digital capabilities.
Consolidation and the Anta partnership
The company's turnaround efforts are being boosted by a significant shift in its ownership structure. China’s Anta Sports recently acquired a 29.1 per cent stake for €1.5 billion, effectively replacing the Pinault family’s Artemis as the largest shareholder. While Puma maintains its independent governance as a German-listed entity, the partnership provides a strategic buffer against geopolitical trade volatility and enhances its footprint in the critical Greater China market.
The restructuring also includes a global workforce reduction of approximately 1,400 corporate roles and a pivot toward higher-margin licensing models for core North American categories. By streamlining operations and sharpening its focus on ‘DNA categories’ like football and running, Puma aims to stabilize its margins by late 2026, setting the stage for a return to profitable, above-industry growth in 2027.
Founded in 1948 in Herzogenaurach, Puma is a global leader in performance footwear and lifestyle apparel, with a presence in over 120 countries. Its current "Vision 2028" strategy focuses on reclaiming a top-three global market position by leveraging its deep roots in football, motorsports, and high-performance running technology.
