PUMA Defy Volatile Conditions with 6.6 Per Cent Increase in 2023
saw a positive 2023 across the board, but have stated they have lots to do before they reach their 2024 goals.
Throughout the whole of last year, the brand witnessed sales growth of 6.6 per cent. Despite this positive growth, PUMA saw a challenging Q4, in which sales decreased by four per cent. This decrease came from their wholesale business with a decrease by 8.7 per cent in that time; however, PUMA's direct-to-consumer channels held up the float with an eight per cent increase.
Looking forward for 2024, PUMA are looking to increase their presence and demand across China and United States.
'2023 was also an important milestone year for PUMA as we started to lay the foundation for future growth based on strengthening our brand and improving our distribution quality. We are today in a better position than we were at the start of 2023: We established a new marketing organization and started to execute our new marketing strategy to elevate the brand' said PUMA's chief executive officer, Arne Freundt. 'We also built new management teams in the US and China to execute our local must-win strategies and cleared our inventories to healthy levels.'
PUMA are expecting a 'softer first half of the year', but hope for quarter-over-quarter improvement. To do this, they'll rely heavily on their high-profile partnerships with the likes of and and global sports like Formula 1, football, basketball and golf.
Stay locked to Sneaker Freaker to see PUMA continue to rise in 2024.