In the words of the new CEO, Arthur Hoeld, formerly of Adidas, the brand is "lacking dynamism" and unable to capture the spirit of the times. Q2 results confirmed these fears, with sales falling to €1.9bn, below expectations, with significant declines in the US (-9.1%) and Europe (-3.9%). Wholesale trade collapsed by 6%. The decline was too severe to be offset by retail sales, which rose by 9% but were mainly driven by massive promotions.

Puma now anticipates at least a 10% decline in sales at constant exchange rates this year, compared with previous expectations of 1-5% growth. The impact of US tariffs is expected to reduce gross margin by €80m.

Arthur Hoeld took over the struggling group at the beginning of the month. He wants to make a clean break with these new, more realistic prospects. The objectives are to streamline the offering, clear inventory, and rebuild confidence. The low point has been accepted as a starting point for a fresh start on a better footing.

But does Puma have the means to do so?

Puma is struggling to align its offering with consumer expectations. The gamble of relaunching the brand with models such as the Speedcat and ballet sneakers has not paid off. In contrast, competitor Adidas is enjoying huge success with its retro Samba and Gazelle lines, which Hoeld oversaw the launch of in the past.

The previous strategy was to move upmarket. But the brand seems stuck between two worlds: not premium enough to appeal to influencers, nor competitive enough to compete on price with Nike, Deckers, On Running, Adidas, and Asian players. The company is now buried under unsold stock, particularly in the US, and will have to sell off its products again in H2 to get back on track.

Puma therefore has little to offer. The market is not fooled, as it now values the group at its lowest level in 10 years. The loss announced for this year, customs uncertainties and the lack of visibility on the new roadmap are fueling doubts. If Arthur Hoeld wants to revive the brand, he will have to win back consumers, regain distributors and rebuild the financial credibility that has deteriorated in recent years.