Puma Announces Cost-Cutting after 2024 Net Profit Misses Expectations

A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)
A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)
TT

Puma Announces Cost-Cutting after 2024 Net Profit Misses Expectations

A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)
A handbag with the logo of German sports goods firm Puma is pictured in a shop after the company's annual news conference in Herzogenaurach, Germany February 20, 2014. (Reuters)

Sportswear brand Puma announced a cost-cutting program on Wednesday after reporting 2024 net profit below the prior year's level, missing its expectations.

Net profit was 282 million euros ($294 million) for the year, compared to 305 million euros in 2023, Puma said in preliminary results released after markets closed.

"While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability," said Arne Freundt, CEO of PUMA, without saying what its expectations were.

The cost-cutting program aims to get Puma back to earnings before interest and tax (EBIT) margin of 8.5% by 2027. The EBIT margin for 2024 was 7.1%.

For the fourth quarter, a key shopping period, Puma reported sales grew by 9.8% in currency-adjusted terms, to 2.289 billion euros ($2.38 billion).

Over 2024 as a whole, sales were up by 4.4% in currency-adjusted terms, to 8.817 billion euros.



Prada Offers Savage, Instinctive Menswear during Milan Fashion Week

 A model walks the runway during the Prada collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 19, 2025 (AFP)
A model walks the runway during the Prada collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 19, 2025 (AFP)
TT

Prada Offers Savage, Instinctive Menswear during Milan Fashion Week

 A model walks the runway during the Prada collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 19, 2025 (AFP)
A model walks the runway during the Prada collection show at Milan's Fashion Week Men's Fall / Winter 2025-2026 in Milan, Italy, on January 19, 2025 (AFP)

Miuccia Prada and her co-creative director Raf Simons described the latest Prada menswear collaboration unveiled during Milan Fashion Week on Sunday as raw and cinematic.

While the Milan Fall-Winter 2025-2026 runway was full of faux fur collars, Prada went the usual step beyond and created primitive detailing in shearling that looked almost torn from the beast and set askew on outerwear lapels, or patchworked into garments.

“Maybe, it reads as savage, primitive cavemen. I think that our aim was to make it feel warm and human and instinctive, but also kind of beautifully domestic in a way,” Simons said backstage.

Collection hallmarks Cinematic references were broad and not specific to any film, director or even character type, Simons said. Western touches included scuffed cowboy boots and knitwear mimicking a wrangler’s shirt - without creating characters or caricatures.

The silhouette mixed skinny trousers, often in bright rock-and-roll satin, with more ample volumes like pajama tops or slightly ratty sweaters. Suits required no shirts, as the designers advocated instinctive dressing.

One look seemed to distill the collection to its boyish essence: Straight leg jeans with a knit top featuring striped detailing, worn with floral-stamped cowboy boots.

Fashion as meaning

The designers said the collection was meant to offer hope in difficult times, proffering humanity as a form of resistance to whatever may be oppressing.

“It’s a bit of an answer to what of course is happening. We have to resist with our instinct, with our humanity, with our passion, with our romance,” Prada said backstage. Good work, she said, is also a form of resistance.

The message contained in the collection “has to be optimistic by definition and in principle,” Prada said.

The Setting The ever-transforming showroom inside the Prada Foundation’s Deposito contemporary art space was sheathed in Art Noveau carpet, and the runway was set on raised metal scaffolding. Simons said it represented contrasts, decoration and a work-in-progress.

Star power Prada's front row hailed from across the globe and disciplines, including British actor and musician William Gao, arriving with British musician Olivia Hardy, US actor Keith Powers, South Korean actress Kim Tae-ri, Chinese table tennis player Ma Long and British actor Louis Patridge. A crowd of fans waited just beyond a barricade to cheer them all.