Why it matters: Puma's global sales jumped 14.4% in Q1 2023 to $2.4B. In 2022, Puma's global revenue reached $9.25B, up from $7.4B in 2021. According to Retail Insight Network, Puma's Q1 2023 sales increased by 25.4% in EMEA and 27.4% in APAC. However, the company's sales dropped by 0.8% in the Americas. The losses in the Americas are attributed to high inventory levels among Puma's wholesale partners. Where to see the impact: Puma has reported significant growth since implementing Direct-to-Consumer (DTC) marketing strategies. In 2022, the company generated over $2B in revenue from DTC sales worldwide. |
What happened: Athletic apparel and shoe brand Puma recently announced plans to relocate its brand management and marketing operations departments from Boston to the company's official headquarters in Germany's Bavaria region. This change is set for July 1 and is part of a strategy to maximize its brand potential. The reorganization has led Adam Petrick, Puma's global chief brand officer, to leave after holding various positions within the company for over 20 years. Petrick is reportedly leaving, as he has decided not to move to Germany.