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Struggling Puma Names Former Adidas Sales Chief as CEO

FILED - 04 November 2022, ---: Arne Freundt poses for a picture. Photo: Christoph Maderer/PUMA/dpa
FILED - 04 November 2022, ---: Arne Freundt poses for a picture. Photo: Christoph Maderer/PUMA/dpa
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Struggling Puma Names Former Adidas Sales Chief as CEO

FILED - 04 November 2022, ---: Arne Freundt poses for a picture. Photo: Christoph Maderer/PUMA/dpa
FILED - 04 November 2022, ---: Arne Freundt poses for a picture. Photo: Christoph Maderer/PUMA/dpa

Sportswear brand Puma said on Thursday former Adidas sales chief Arthur Hoeld would take over as CEO, replacing Arne Freundt due to what the company called "differing views on strategy execution".
Puma has struggled to boost sales and profitability for more than a year. Its pick for the top job marks the latest talent swap between the competing brands, two years after its CEO Bjorn Gulden jumped ship to lead Adidas through a successful turnaround, Reuters reported.
Based across the road from each other in Herzogenaurach, Germany, the companies have a rivalry going back 75 years to a feud between shoemaker brothers Adolf Dassler, founder of Adidas, and Rudolf Dassler, who started Puma.
Puma said Freundt, CEO since November 2022, would step down on April 11 and Hoeld would take over as chairman and CEO effective July 1, with the board leading the company in the transition phase.
"I am incredibly excited to join the PUMA family as their new CEO," Hoeld, who left Adidas in October last year, said in a statement.
Adidas has enjoyed strong sales growth as it surfed a trend for its Samba and Gazelle sneakers, while Puma sales have been sluggish as it struggles to boost interest in new sneakers like the Speedcat.
Puma last month warned its 2025 sales would likely be weaker than last year, and said uncertainty was denting consumer spending in the US, which accounts for between 20-25% of its global sales.
"We expect this news to be taken positively, given ongoing investor concerns around performance and strategic execution," said Citi analyst Monique Pollard.
US tariffs on China, Vietnam, Indonesia and other key manufacturing hubs hit sportswear retailers, sending Puma shares down 10% on Thursday.
Puma sourced 28% of its products in China last year, while Vietnam was its second-biggest sourcing country with 26%, and Cambodia was third with 16%.
The share price, pummeled by slowing sales, is close to its lowest in nine years.
"We are convinced that thanks to his strategic vision and focus on product and brand, Arthur will lead Puma into a new chapter of strength and growth," said Heloise Temple-Boyer, chair of the supervisory board at Puma.

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Fashion

It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
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It’s Met Gala Time! Get Yourself Suitable with This Guide on What to Expect

Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)
Met Gala celebrity chair Lewis Hamilton speaks at the Metropolitan Museum of Art's Costume Institute during a press conference October 9, 2024. (AFP)

As springtime sunshine finally hits New York City, the Met Gala beckons — one of the most anticipated and visible parties in the world.

This year, the theme — “Tailored For You" — is focused on classic tailoring. As always, the dress code is inspired by the spring exhibit at the Costume Institute of the Metropolitan Museum of Art. “Superfine: Tailoring Black Style” is the first Met show to focus exclusively on Black designers, and the first in more than 20 years to have a menswear theme. The show looks at the evolution of Black style over the centuries through the lens of dandyism.

Here are some key things to know as fashion's biggest night approaches:

When is the Met Gala? The gala happens the first Monday in May — this year, May 5.

What exactly is the Met Gala? Not everyone knows that the gala is actually a fundraiser for the Costume Institute, the only self-funding department at the Met. Last year the evening brought in a whopping sum of more than $26 million to the museum's coffers.

Was it always this big? Definitely not. It started in 1948 as a Manhattan society midnight supper – held at various places like the Waldorf Astoria and the Rainbow Room. It took many years before it turned into a global event and one of the starriest nights of the year.

Who's hosting the 2025 Met Gala? Each year brings a new group of celebrity co-chairs. This year they are Pharrell Williams, Lewis Hamilton, Colman Domingo, and A$AP Rocky — along with Anna Wintour, the influential Vogue editor who always oversees the proceedings. NBA superstar LeBron James is honorary chair.

Who else is attending the Met Gala so far? Word on attendees trickles out slowly in the weeks leading up to the event. But this year there’s also a huge additional host committee with stars from various fields. (They don’t have specific host duties, other than showing up and, it goes without saying, looking fabulous.)

It includes athletes Simone Biles and husband Jonathan Owens, Angel Reese and Sha’Carri Richardson; filmmakers Spike Lee, Tonya Lewis Lee and Regina King; and actors Ayo Edebiri, Audra McDonald and Jeremy Pope, and musicians Doechii, Usher, Tyla, Janelle Monáe and André 3000.

Also in the group are author Chimamanda Ngozi Adichie; artists Jordan Casteel, Rashid Johnson and Kara Walker; playwrights Jeremy O. Harris and Branden Jacobs-Jenkins; and fashion figures Grace Wales Bonner, Edward Enninful, Dapper Dan and Olivier Rousteing.

Can anyone buy a ticket to the Met Gala? In a word: No. You cannot just buy a ticket. The right question is: If I were famous or powerful and got invited, how much would it cost?

If I were famous or powerful and got invited, how much would it cost? Individual tickets start at $75,000. Generally, though, companies buy tables. A fashion label, for example, would then host its desired celebrities. A table of 10 starts at $350,000 this year, as it did last year. There will be approximately 400 guests.

How strict is the dress code? The code is meant to be a guide, not a hard rule, and loose interpretation is encouraged.

How do guests spend the evening? Guests enter the museum and walk past an enormous flower arrangement in the museum’s grand lobby – always a talking point. Often there is an orchestra playing nearby. At the top of the grand staircase, Wintour and her co-hosts form a receiving line. Guests then head to view the exhibit, which is followed by dinner. The most hotly anticipated guests sometimes arrive around dessert time for maximum impact (we're looking at you, Rihanna).