Strategy, business model and value chain (SBM-1)
PUMA SE is a publicly listed company in the sporting goods industry, headquartered in Herzogenaurach, Germany. We report our business activities in three major regions: EMEA, the Americas, and Asia/Pacific. These regions are further divided into the segments: Europe, MEA&I (Middle East, Africa and India), North America, Latin America, Greater China, Japan, Korea, Southeast Asia and Oceania, as well as stichd. According to IFRS, the operating segments Greater China, Japan, Korea, Southeast Asia and Oceania, as well as stichd, do not meet the size criteria for reportable segments, but the Management Board continues to consider these operating segments important, so they are still shown separately for external segment reporting. The segments Japan, Korea, and Southeast Asia and Oceania are combined and reported under Rest of Asia-Pacific. The allocation to a segment is based on the registered offices of the respective subsidiaries.
As of 31 December 2025, the PUMA Group consists of the parent company PUMA SE and 93 subsidiaries, controlled directly or indirectly by PUMA SE. The subsidiaries handle various tasks at the local level, such as distribution, marketing, product development, sourcing and administration. A full list of subsidiaries can be found in the Notes to the consolidated financial statements.
Our products are categorised into three divisions: footwear, apparel, and accessories. PUMA’s value chain spans from product design and sourcing to distribution, retail, use, and end-of-life. PUMA’s main business activities are design, development, sourcing, marketing, and selling of sports and sports-lifestyle products.
PUMA’s upstream value chain consists of raw material suppliers and manufacturing partners, who are responsible for sourcing materials and producing finished goods according to PUMA’s specifications.
Major inputs for PUMA products include cotton and polyester for apparel and accessories, alongside polyurethane, ethyl vinyl acetate (EVA), and natural and synthetic rubber, and leather for footwear. Product packaging mainly consists of cardboard (outer cardboard, shoe boxes and hangtags) and polyethylene bags (primary packaging for apparel and accessories).
PUMA purchases finished products from outsourced and external manufacturing partners based on designs and specifications made by the PUMA design and development teams. PUMA works with a global network of selected suppliers to comply with PUMA quality standards and design.
The primary outputs are finished footwear, apparel, and accessories. These products deliver value to customers through innovation, performance, and style, and to investors through brand strength and market presence.
The logistics service providers transport finished goods from manufacturing countries to PUMA’s distribution centres and on to retail stores, e-commerce platforms, and end consumers. Distribution channels include PUMA-owned stores, wholesale partners, and direct-to-consumer online sales. The downstream chain covers after-sales services, and end-of-life considerations such as take-back schemes.
PUMA acts as the brand owner, product designer and marketer, and coordinates activities between upstream suppliers and downstream customers. The company’s relationships with key business actors such as suppliers, logistics providers, and retailers are managed through contracts, codes of conduct, and ongoing engagement to ensure alignment with PUMA’s standards.
PUMA is divided into seven Business Units: Sportstyle, Teamsport, Running and Training, Motorsport, Golf, Basketball and Accessories. Additionally, PUMA’s owned company stichd is involved in the design, development, sourcing, marketing and selling of socks and bodywear and the distribution and selling of licensed products. It operates fan shops and online stores for a football club and during Formula 1 races.
Our revenues are derived from the sale of PUMA, stichd and Cobra Golf brand products via wholesale and retail trade, and direct sales to consumers in our own retail and online stores. We market and distribute our products, mainly through our own subsidiaries in key regions. There are distribution agreements with independent distributors in a few countries. PUMA does not sell any products or services that are banned in certain markets. PUMA is not active in the fossil fuel production sectors, chemicals production, weapons production, or tobacco products.
A breakdown of net sales can be found in the Sales chapter in the financial statement. A breakdown of employee figures per main region can be found in the S1 Own workforce section.
