Guan Cha Zhe Wang·2025-08-26 10:25Core Viewpoint - Puma is facing significant challenges as its largest shareholder, Artemis SAS, is exploring the possibility of selling its 29.3% stake amid a downturn in the global luxury goods market, which has severely impacted Kering Group, the parent company of Artemis SAS [1][2]. Financial Performance - In Q2 2025, Puma reported a 2.0% decline in sales to €1.942 billion, marking the first quarterly sales drop in nearly two years [2]. - Key financial metrics across regions, channels, and product categories showed declines, with EMEA down 3.1%, Americas down 0.5%, and APAC down 2.9% [3]. - The company has lowered its fiscal 2025 performance expectations, anticipating a "low double-digit percentage decline" in annual sales, a shift from previous expectations of "low to mid-single-digit growth" [4]. Profitability Outlook - Puma's operating profit forecast has shifted from an expected profit of €445 million to €525 million to a potential operating loss due to factors such as slower sales growth and the impact of new tariffs in the U.S. [4]. - The company estimates a reduction of approximately €80 million in gross profit due to U.S. tariffs, which is a critical variable affecting profitability [4]. Cost-Cutting Measures - In March, Puma announced a layoff plan aimed at cost reduction and efficiency improvement, but these measures have proven insufficient in light of the tariff impacts [5]. - Despite collaborations with influencers and cultural icons, such as partnerships with fitness influencer Pamela and K-pop star Rosé, Puma has struggled to achieve sustainable brand growth [5]. Market Position and Future Uncertainty - The ongoing discussions regarding the potential sale of Puma's shares by Artemis SAS indicate a lack of confidence in the brand's future performance [1]. - The overall outlook for Puma remains uncertain amid a challenging market environment and disappointing financial results [7].