- Puma CEO Arthur Hoeld has focused on shrinking operations and cutting staff since starting.
- Puma launched the $260 Puma X Hyrox Deviate Nitro Elites sneaker for fitness competitions.
- Puma holds an exclusive partnership with Hyrox through 2030 to target fitness enthusiasts.
For Puma SE Chief Executive Officer Arthur Hoeld, much of the first months on the job has been an exercise in shrinking: laying off hundreds of staff, buying back unwanted sneakers from retail partners and preparing investors for more losses.
Yet Hoeld is eager to highlight one area where the brand is gaining ground: training, which he recently elevated into a separate business unit. Last week, Puma unveiled its highest-profile product yet in the segment, the $260 Puma X Hyrox Deviate Nitro Elite sneaker, designed for the rigors of the increasingly popular fitness competition.
“We're talking about the first-ever specifically developed shoe for Hyrox,” Hoeld said Thursday on a call with reporters.
Puma has worked with Hyrox since its first race in 2017 and has an exclusive partnership with the organization through 2030. Hoeld called the collaboration a “lighthouse” for Puma when it comes to connecting with the world's growing ranks of fitness enthusiasts and gym goers. He cited “record sales” of Puma products at the Hyrox event this past weekend in Las Vegas.
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Some investors appear to be buying into hopes for a turnaround at the German brand. Shares rose as much as 9.1% Thursday after Puma published results that showed glimmers of improvement in the fourth quarter.
Puma's training category makes up less than 10% of its overall turnover, Hoeld said. “But we do expect that one to significantly increase in the years to come.”
Hoeld has identified training as one of four planks that Puma is counting on to generate profitable growth. The others are football, running and “sportstyle,” which is undergoing a marketing revamp to make Puma sneakers and apparel buzzy again.
Previously, Puma's training unit was part of its running division, managed out of Boston. Now, it's being overseen in Germany by Marwin Hoffmann, who was previously a senior marketer for global outdoor at Adidas AG.
“It'll operate out of our headquarters in Herzogenaurach to make sure we are going to be connected to all of the opportunities and the infrastructure we have,” Hoeld said.
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