Puma plans 900 more job cuts as part of ‘reset phase in Q3’

This decision will bring the total number of layoffs to 1,300, following the 500 job cuts already made earlier this year. The decision is part of a broader turnaround strategy led by CEO Arthur Hoeld, who took the helm in July. Hoeld, who previously served Adidas as a Chief Sales Officer, is steering Puma through a difficult reset aimed at restoring brand strength, improving profitability, and positioning the company for renewed growth. 

“We have the clear ambition to establish Puma as a Top 3 sports brand globally, returning to above-industry growth and generating healthy profits in the medium term,” Hoeld said in a statement. “We’ve identified areas requiring decisive action to build one global sports brand with resonating products and inspiring storytelling.” 

The restructuring comes amid a sharp decline in sales and market share. According to Puma’s third-quarter report, the company’s revenue fell 15.3% year-on-year to €2 billion ($2.29 billion), largely due to discounting and the impact of ongoing reset initiatives. The company swung to a net loss of €62.3 million, compared with a profit of €127.8 million a year ago. Gross margin contracted by 260 basis points to 45.2%, while inventories climbed 17.3% to €2.12 billion, reflecting unsold stock taken back from retailers. 

Puma expects inventory levels to normalize only by the end of 2026. Despite the weak performance, the company said the results were in line with expectations, as the restructuring efforts continue to weigh on short-term profitability. Under Hoeld’s leadership, Puma is undergoing a complete brand and business reset. The company plans to streamline its product portfolio, reduce discounting, and exit less-productive wholesale relationships, particularly with cut-price U.S. retailers. Instead, it aims to strengthen its direct-to-consumer (DTC) channels through its own stores and e-commerce. 

“We will buy fewer products from suppliers, reduce our range, and launch fewer new collections each season,” said Chief Financial Officer Markus Neubrand. “Speedcat sales growth in Europe and North America remained below expectations in the third quarter,” Puma said in its earnings release. Industry experts noted that the company needs to improve execution on product launches to regain momentum. Puma has also seen significant executive reshuffling this year.

Alongside Hoeld’s appointment, Maria Valdes, formerly Chief Product Officer, has been elevated to Chief Brand Officer with expanded responsibilities. Ronald Reijmers, a former Nike executive, now leads global retail operations, while ex-Adidas leader Andreas Hubert joined as Chief Operating Officer in September. 

The 900 upcoming job cuts represent about 13% of Puma’s global corporate workforce. Cost savings from the layoffs will be detailed later, the company said. 

“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…With these strategic priorities, we have the clear ambition to establish Puma as a Top 3 sports brand globally, returning to above industry growth and generating healthy profits in the medium term.” Hoeld said.

Puma expects 2026 to be a “transition year”, with a return to growth forecast in 2027. The company acknowledged that 2025 will likely result in a loss as it executes its reset plan. 

While challenges continue, Hoeld remains optimistic about the 77-year-old brand’s potential. “Puma has incredible heritage and credibility across major sports,” he said. “We are confident that through focus and disciplined execution, we can get the cat back on track.”