Puma revealed on Thursday that it will cut 900 corporate jobs as part of long plan to pull the brand back to sustainability by 2027.
In the company’s third-quarter earnings report, sales were down 10.4 percent at $2.29 billion as priorities now shift toward a “reset phase.”
“At the end of July, we stated that 2025 would be a year of reset,” Puma CEO Arthur Hoeld said in the report. “Since then, we have taken important steps to clean up PUMA’s distribution, improve our cash management and reset our operational expenses. By expanding our cost efficiency program, we are moving quickly to address challenges and make the business more efficient and resilient. With third-quarter results meeting our expectations, we remain committed to executing these measures with discipline.”
As part of the strategy, a targeted reduction of 900 corporate jobs will be slashed by the end of 2026, while the company intends to use its own channels to sell to customers to help curbing retail discounting.
The reset for Puma technically began this year with Hoeld taking the helm in April as a show of force to remedy the company’s struggles. Former CEO Arne Freundt exited in a move described as “differing views on strategy execution.” And in July, the company said it would take a full year loss in 2025 after reporting in March that 500 corporate jobs would be eliminated.
Hoeld and Puma see 2026 as a “transition year,” with 2027 marked as a return to growth.
Meanwhile, the latest announced job cuts account for 13 percent of the company’s workforce.
By mid Thursday, shares fell 5.4 percent following the morning trade marking a yearly trend that has seen overall shares down 50 percent.
And naturally, investors have taken notice. In August, Bloomberg reported that the Pinault family, owners of 29 percent of the brand, reached out to buyers to explore the possibility of selling the brand.
With its Artémis holding company, the Pinaults controls the largest portion of Puma and apparently searched for a scenario that would allow them to part ways with Puma as Chinese brands Anta Sports Products Limited and Li Ning Company were viewed as potential suitors.
But Middle Eastern sovereign wealth funds and United States-based fitness companies were also considered.
For now Hoeld’s refocused strategy is critical to Puma’s immediate future, and navigating tepid consumer demand, tariffs and increased competition from rival brands are all areas marked on its financial hit list.
“I strongly believe the PUMA brand has incredible potential with more than 77 years of history, one of the best product archives in the industry and huge credibility in many major sports,” Hoeld also said in the report. “We have identified the areas in which we need to take decisive action and outlined our strategic priorities to become one global sports brand with globally resonating product ranges and inspiring storytelling across markets.”
