Puma reports 70 percent drop in net profits for 2012
German based sportswear and lifestyle brand PUMA, owned by PPR Group (parent company of Gucci, Bottega Veneta, Brioni etc) reports a 69.5 percent drop in net profits for 2012, compared with the previous year. Turnover, however, has increased from 3 billion euros in 2011 to 3,27 billion euros in 2012. For the Fourth Quarter of 2012, Puma registered losses of up to 45 million euros.
PPR Group has been struggling to restructure PUMA and re-position it within a new sports lifestyle pole within the group. However, the brand has been losing out to rivals Adidas and Nike, especially in sportswear. Puma has been pursuing premium capsule collections with the houses of Stella McCartney and Alexander McQueen, which are both owned by PPR Group.