Puma to cut 500 jobs worldwide in cost-cutting programme

Reuters

Wed, Mar 12, 2025, 2:58 AM 1 min read

HERZOGENAURACH, Germany (Reuters) -Puma volition chopped 500 jobs worldwide arsenic portion of its cost-reduction programme, its CFO said aft the German sportswear radical precocious connected Tuesday issued disappointing forecasts for the archetypal 4th and 2025 amid anemic request successful the U.S. and China.

Puma's disappointing quarterly income and yearly profits announced successful January and Tuesday's outlook person fuelled concerns astir its quality to vie with bigger rivals Adidas and Nike.

Puma is besides looking to fend disconnected younger, fast-growing brands similar On Running and Hoka arsenic it strives to boost its marque and instrumentality a larger stock of the $400 cardinal planetary sportswear market.

Around 150 jobs of the 500 volition beryllium chopped astatine the Puma headquarters, CEO Arne Freundt said successful a league with journalists.

The company, which employs astir 21,000 radical worldwide, volition besides adjacent selected unprofitable stores, Chief Financial Officer Markus Neubrand added.

A debased single-digit percent of businesses are affected, Freundt said.

Puma had launched a cost-cutting programme aiming to scope an net earlier involvement and taxation (EBIT) borderline of 8.5% by 2027, compared with 7.1% successful 2024.

(Reporting by Alexander Huebner, penning by Linda Pasquini, editing by Madeline Chambers and Thomas Seythal)