(Reuters) – Puma will cut 500 jobs worldwide as part of its cost-reduction programme, its CFO said in a conference with journalists after the German sportswear group late on Tuesday gave disappointing forecasts for 2025 and the first quarter due to weak performances in the U.S. and China. Puma’s weak quarterly sales and annual profits […]
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Puma to cut 500 jobs worldwide
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(Reuters) – Puma will cut 500 jobs worldwide as part of its cost-reduction programme, its CFO said in a conference with journalists after the German sportswear group late on Tuesday gave disappointing forecasts for 2025 and the first quarter due to weak performances in the U.S. and China.
Puma’s weak quarterly sales and annual profits announced in January and Tuesday’s grim outlook have fuelled concerns about its ability to compete with bigger rivals Adidas and Nike. Puma is also looking to fend off newer, fast-growing brands such as On Running and Hoka as it strives to boost its brand and take a larger share of the $400 billion global sportswear market.
(Reporting by Alexander Huebner, writing by Linda Pasquini; Editing by Madeline Chambers)