For more than two years, Puma SE’s top brass spoke of “elevating” the German brand and making its sneakers and apparel more aspirational. Since arriving last month, chief executive officer Arthur Hoeld has delivered a fairly blunt verdict: Puma, if anything, is now perceived as cheap.

Hoeld, a decades-long veteran of cross-town rival Adidas AG, has the task of turning Puma around and charting a return to profit and growth. It’s not the first time the 77-year-old brand has needed a makeover, and former bosses like Jochen Zeitz , now head of Harley-Davidson Inc., and Bjorn Gulden, who became CEO of Adidas in 2023, both found ways to revitalise Puma’s leaping cat.

But Hoeld has significant hurdles to clear. Fast-growing brands like On Holding AG, New Balance and Hoka are winning

See Full Page