Puma partnered with hip-hop mogul Jay-Z last year as it returned to the U.S. basketball market after being on sidelines for two decades. The category is a key part of its global strategy.
Last year, Puma re-entered the U.S. basketball market dominated by Nike and Adidas.If sportswear had a prestige category, it would be basketball sneakers.Puma partnered with hip-hop mogul Jay-Z last year as it returned to the U.S. basketball market after being on sidelines for two decades. The category is a key part of its global strategy, despite it already being dominated by giants like Nike and Adidas.
Puma hopes to have a larger retail presence to connect with younger consumers. It opened its 18,000 square-foot flagship store on New York's Fifthand Adidas. Petrick said the company also wants to win shelf space with U.S. retailers. China is Puma's number one priority, Petrick said. Asia is the company's fastest growing region, with 28.5% sales growth in the third quarter.
The company will face a 15% tariff on goods it sources in China and sells in the U.S. for the first time in the fourth quarter. CEO Bjorn Gulden called the third quarter "the best quarter that PUMA has ever achieved" and raised the company's forecast, but said the tariffs will still hurt margins.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A History of Beyoncé and Jay-Z's Family Halloween CostumesRevisit all of Beyonce and Jay-Z's Halloween looks over the years:
Read more »
Truth About Beyonce and Jay-Z's MarriageBeyonce and Jay-Z are two of the most famous people in the world, but the couple's level of popularity often comes with drama. After Beyonce’s incredibly personal 2016 album Lemonade was released, and talk of Jay-Z’s alleged infidelity spread, gossip about the power couple’s relationship grew into a
Read more »
Jay Z says this is the 'genius thing' he did when starting out in the music businessShawn 'Jay-Z' Carter has had nothing short of a record-setting career, including becoming the first hip-hop artist to become a billionaire. But there was one thing in particular that Carter did early in his career that he says was 'genius' move.
Read more »
Why Department Stores are Becoming...RestaurantsAs retail sales continue to slow, stores like Nordstrom, Crate & Barrel and Tiffany & Co. are investing in eateries to give shoppers a new reason to come through their doors.
Read more »
7 Ways To Tell If You're Held Captive Inside Your Comfort Zone | Karen Shatafian Life Coach %Comfort zones are comfortable but not condusive to growth. Here are seven ways to tell if you are held captive inside your comfort zone.
Read more »