The group’s departing chief executive, Franz Koch, added that Puma would shut down about 50 out of its 590 stores by the end of the year and that it would pull out of a few categories: Puma will quit sailing from next year to focus on outdoor in the U.S., and in Europe it will exit the rugby category.
The plan, which is intended to restore more profitable expansion at Puma, was meant to cost about €100 million but another €25 million was added as the termination of endorsement deals proved costlier than expected.
Read more about Puma in SGI Europe.
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