彪马失速，想用阿迪的方式自救

Core Insights - PUMA reported a 2.0% decline in Q2 sales to €1.942 billion, marking the first quarterly sales drop in nearly two years, leading to a significant stock price drop of over 19% on the announcement day [1][3] - The company's market capitalization fell to approximately €3 billion, contrasting sharply with competitors like On and Deckers Brands, which have market caps around $16 billion [1] - In contrast, Adidas reported a 12.7% revenue increase to €6.153 billion in the first half of the year, with a 51% surge in operating profit, showcasing a successful recovery from pandemic-related challenges [1][11] Financial Performance - PUMA's sales declined across all major regions: EMEA down 3.1%, Americas down 0.5%, and APAC down 2.9% [4] - Inventory levels rose by 18.3% year-on-year to €2.151 billion, indicating excess stock [3][4] - Footwear was the only category to show growth at 5.1%, while apparel and accessories saw declines of 10.7% and 6.4%, respectively [4] Management Changes - PUMA appointed former Adidas CIO Andreas Hubert as COO to oversee global procurement and operations, including sustainability and product innovation [2][3] - The new CEO Arthur Hoeld, also from Adidas, is expected to implement strategies learned from his previous experience to revitalize PUMA [3][12] Competitive Landscape - PUMA is struggling to compete in key categories like football and running, where it lags behind Nike and Adidas in sponsorships and product popularity [3][4][6] - The company has lost visibility in the training segment after the contract with fitness influencer Pamela ended, impacting brand recognition [6][10] - PUMA's new running shoe, VELOCITY NITRO, has not generated significant consumer interest compared to competitors like HOKA and On [6][10] Strategic Directions - PUMA's management has indicated a lack of expectation for sales growth for the remainder of 2025, predicting a low double-digit percentage decline [10] - The company aims to leverage successful strategies from Adidas, focusing on strong performance categories and enhancing product visibility [17][18] - PUMA is encouraged to streamline its product offerings to focus on fewer, high-impact items to improve market presence [18][23]