Puma’s 2025 Results Plunge as Restructuring Plan Targets 2027 Recovery

German sportswear giant Puma reported a difficult end to 2025, posting revenue of €7.3 billion—down more than 13% year on year—while operating profit swung sharply to a €357 million loss from a €549 million profit in 2024. Over two years, the company has shed €1.3 billion in revenue, reflecting currency pressures, weak consumer demand, and sweeping operational changes. The downturn was global, with steep declines across EMEA, the Americas, and Asia-Pacific, alongside falling sales in footwear, apparel, and accessories. The Americas region was hit hardest due to a shift to licensing in the United States and aggressive inventory clean-up, while China saw large-scale product returns as Puma streamlined distribution.

Chief executive Arthur Hoeld, presenting his first annual results, framed the poor performance as a transitional phase tied to a sweeping restructuring programme known as “Reset.” The plan includes major organisational changes, a move toward licensing certain North American product lines, and a global workforce reduction of about 1,400 roles through 2026. Puma is also pulling back from highly promotional wholesale channels, cutting discounts, and increasing direct-to-consumer sales, which rose to 32.4% of revenue in 2025. The company aims to rebuild brand strength by focusing on performance categories such as football, running, and training, while improving product storytelling and distribution.

A key element of Puma’s revival strategy is leveraging its heritage, particularly through the relaunch of iconic products like the Suede sneaker with a more premium positioning. Recent efforts—including the return of celebrity partnerships and revivals of models like the Speedcat—have yet to deliver the desired impact, underscoring challenges in restoring brand appeal amid fierce competition from rivals such as Adidas, New Balance, On, and Hoka. Despite the steep declines, Puma remains significantly larger than a decade ago and is targeting a return to profitability and growth by 2027 as its restructuring plan unfolds.

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