Puma positions 2026 as transition year amid continued losses

Puma's decisive turnaround strategy under CEO Arthur Hoeld continues to take effect, as the company designates 2026 as a transition year amid continued losses.

The German sportswear company announced in 2025 that it was implementing drastic measures to tackle brand challenges and restore inventory balance, with these continuing to take effect in 2026.

The measures will lay the groundwork for the company to return to growth from 2027 onwards, with a new strategic priority to establish itself as a top-three global sports brand.

For 2026, Puma projects a loss-making operating result between €-50 and €-150 million (-£43.5 million to -£131 million), as it continues to grapple with the structural changes implemented the year before, as well as ongoing geopolitical and macroeconomic uncertainties.

Key measures include the continued introduction of cost efficiencies, including the completion of its reduction of around 1,400 corporate roles since the beginning of 2025, streamlining distribution and further reducing inventory levels.

Puma projects €200 million (£174 million) in capital expenditures in 2026, as the company focuses on improving its digital infrastructure and direct-to-consumer channels.

In 2025, sales for Puma declined by 8.1% on a currency-adjusted basis to €7.29 billion (£6.34 billion), with the gross profit margin down to 45%.

The company's adjusted operating result in 2025 (earnings before interest and taxes), excluding one-time effects, decreased to €-165.6 million (£-144.1 million) due to the decline in sales and lower gross profit margin.

Reflecting on the financial results, Hoeld said: "I’m satisfied with the progress we have made so far. We cleaned up most of our distribution by reducing promotions in our own channels and cutting our exposure to those wholesale channels that damage our brand’s desirability.

"It is crucial to make the PUMA brand less commercial and ensure we once again excite our consumers with attractive products, compelling storytelling and distribution in the right channels."

China's biggest sportswear brand, Anta Sports, bought a 29.06% stake in Puma in late January for €1.5 billion (£1.3 billion) from the Pinault family (which also owns luxury conglomerate Kering), making it the biggest shareholder in the sportswear company.

Hoeld commented on the move, saying that Anta was going to "empower PUMA to fully realise its brand potential and its heritage to create long-term value for global consumers and stakeholders."

Despite a difficult trading year and more challenges in 2026, Puma continues to invest in its physical retail expansion, unveiling a 24,000 sq ft flagship store at 376–384 Oxford Street in London in December last year.