According to executive outplacement firm Challenger, Grey & Christmas Inc., 1,824 CEOs left their posts in the first 10 months of 2024 — a 19 percent increase from the same time period in 2023 and the highest total for that time frame since the company started tracking exits in 2002.

Within footwear and retail, CEO departures abounded for a variety of reasons. In some cases, executives moved on to new opportunities. In others, boards decided to bring on a new face to help facilitate change at a faster pace.

Below are some of the biggest CEO changes in footwear that occurred this year.

Nike

Elliott Hill, a company veteran of 32 years, succeeded John Donahoe as the CEO of Nike in October.

The executive shift followed a wave of analyst and investor scrutiny directed at Donahoe and the downward direction of Nike’s recent performance. Throughout 2024, Nike continued to lose share in crucial categories like running and had been criticized for its lack of innovative products. In December, Nike announced a new round of layoffs — which have been taking effect this year — in tandem with a plan to cut costs improve its innovation pipeline.

Hill served in several leadership roles at the Swoosh before retiring in 2020. His latest appointment announcement was met with praise from employees and The Street, though analysts cautioned that it could take several quarters for him to fix the company’s longstanding issues. Since he rejoined Nike, Hill has focused his efforts on reinvigorating the wholesale channel as well as improving innovation and company culture.

Under Armour

In March, Stephanie Linnartz stepped down from her role as president, chief executive officer and a member of the board at Under Armour, effective April 1. She was replaced by Kevin Plank, the brand’s founder and former CEO.

During her nearly one-year tenure at Under Armour, Linnartz made several changes to the brand’s internal team, including the hiring of Yassine Saidi as chief product officer and Kara Trent president of the Americas. She also appointed Jim Dausch as chief customer officer, Shawn Curran as chief supply chain officer, John Varvatos as head of design and Amanda Miller as chief communications officer.

Linnartz also spearheaded a strategy she called Protect This House 3, which was designed to raise awareness of the Under Armour brand, deliver elevated designs and products to boost U.S. sales and maintain the company’s momentum overseas.

Deckers Brands

After taking Deckers Brands to new heights as president and chief executive officer, Dave Powers announced in February that he would step down from his post in August. Stefano Caroti, the company’s chief commercial officer, took over for Powers upon his retirement.

Powers joined Deckers as president of direct-to-consumer in August 2012. He was then appointed president of omni-channel in January 2014, later becoming the company’s president in March 2015. He took over as CEO in June 2016. Dave Powers was inducted into the Hall of Fame at the 38th annual FN Achievement Awards in December.

Allbirds

Allbirds co-founder and chief executive officer Joey Zwillinger stepped down from the role in March and remained with the company as a member of the board of directors and special advisor. The company elevated chief operating officer Joe Vernachio to the CEO role and added him to the board of directors

The CEO transition came at a crucial time for Allbirds, when it was one year into its business turnaround plan it outlined in March 2023. This strategy focused on revamping product, optimizing U.S. distribution and store profitability, re-evaluating its international strategy and improving cost savings.

Brooks

Jim Weber, the longtime CEO of Brooks, stepped down from the role in March after 23 years. Under his leadership, Brooks transformed from a company that was close to bankruptcy — which he addressed in his book, “Running With Purpose: How Brooks Outpaced Goliath Competitors to Lead the Pack” — into a billion-dollar brand. Brooks president and chief operating officer Dan Sheridan replaced Weber in April.

In October, the Seattle-based performance running brand reported that it surpassed $1 billion in global revenue year to date through September, marking the first time the company has hit the major milestone prior to the start of its fourth quarter.

Toms

Toms chief executive officer Magnus Wedhammar announced in October that he had accepted a new role as CEO of Moovlab, a company that makes technology for “active seating” to improve the lives of people while they are sitting.

Wedhammar joined Toms in 2020 shortly after founder Blake Mycoskie and private equity firm Bain Capital ceded control of the brand to a group of creditors to provide debt relief to the shoe company, which had been dogged by negative credit ratings and bankruptcy rumors. Wedhammar helped the brand execute a turnaround which, in part, included pivoting away from relying too much on the Alpargata.

Allbirds’ former chief transformation officer Jared Fix joined as Toms’ CEO in July.

StockX

Scott Cutler, who held the chief executive officer role at StockX for more than five years, announced in November that he would step down from the post at the end of the year. He will be replaced by Greg Schwartz, the co-founder, president and chief operating officer of StockX.

During Cutler’s time at StockX, the marketplace experienced rapid growth and it focused on category expansion, the entry into new markets and growing its ever-expanding consumer base into the millions. Cutler also managed the company through the pandemic, and amid several macroeconomic challenges over the past five years, oversaw several restructurings. At the start of 2024, StockX underwent a round of layoffs that impacted dozens of employees.

Boot Barn

Boot Barn president and chief executive officer Jim Conroy stepped down in late November to become CEO of Ross Stores, effective Feb. 2, 2025. He served as president and CEO of Boot Barn since 2012.

In his place, John Hazen, the company’s chief digital officer, assumed the role of interim CEO.

Despite the change in leadership, Wall Street was still optimistic about the chain’s long term trajectory. William Blair analyst Dylan Carden said in an October note to investors that “the company is in a good position here following a decisive inflection and proven traction in new markets for a successor to execute against the remaining 500-store opportunity.”

Dr. Martens

Following a turbulent tenure packed with profit warnings, and a decline in sales in the U.S., its largest market, Kenny Wilson stepped down as chief executive officer of Dr. Martens plc. The footwear company said it named Ije Nwokorie, currently chief brand officer, to succeed Wilson. Both executives will work together until Wilson steps down at the end of the financial year.

Rothy’s

Rothy’s in January tapped retail veteran Jenny Ming as chief executive officer. With this change, Rothy’s cofounder Stephen Hawthornthwaite stepped down from his role as CEO but remained on as a chairman of the board, advising on key strategies.

Ming, who has been on the Rothy’s board since 2022, built her reputation at Gap Inc., which she joined in 1986 and where she held various executive roles, most notably as cofounder (along with Mickey Drexler) and president of Old Navy from 1993 through 2006. She was instrumental in the impressive national rollout of Old Navy in the U.S. and Canada. Ming later served as president and CEO of Charlotte Russe from 2010 to 2019. She currently serves on the boards of Levi Strauss & Co., Kendra Scott, and Kaiser Foundation Health Plan & Hospitals.

Clarks

Clarks chief executive officer Jonathan Ram left the company in April after two years at the helm. When contacted by FN, a Clarks spokesperson said that Ram made the decision to leave the company to “pursue other opportunities.”

Ram joined Clarks in April 2022 after serving as the group president for global activewear at Hanesbrands Inc. Prior to that, he spent 16 years in various roles at New Balance, culminating in serving as executive vice president of North America.

At the time of his appointment, Ram was the fourth person to take on the top executive role at Clarks in the last four years, excluding interim leaders in the position.

Hill, who replaced John Donahoe as CEO in October, said in a call with analysts on Thursday that re-earning the trust of the company’s wholesale partners is a top priority to help realign business as a whole. Nike’s decision to exit several wholesale doors in 2021 has kept the company behind competitors that have achieved controlled distribution in crucial channels like run specialty. Now, Hill must build on recent efforts to bolster wholesale sales and reengage key partners.

Hill acknowledged that this strong focus on Nike’s digital sales over the last few years has led the brand to compete with its own retail partners for consumer demand.

“Some partners and channels feel we’ve turned our back on them and we’ve stopped engaging consistently,” Hill said, adding that he has met with many of these key retailers directly in recent weeks. He called executives by name from Dick’s Sporting Goods, Foot Locker, JD Sports, Sports Direct and more chains, many of whom have offered positive commentary about Nike’s turnaround in recent weeks.

“They’re all encouraged by our commitment to delivering new, innovative product, telling emotional and inspiring stories and elevating Nike Direct,” Hill said. “We know our sales teams will have to earn every open to buy dollar, but we’re investing to make sure our partners feel supported. We’ll give them access to our best products and the breadth and depth they need, educate their teams on the latest Nike innovation and provide them with the marketing support both in store and out of home.”

“We will win when our partners win,” Hill added.

In line with this goal, Nike recently rehired and elevated Tom Peddie to the role of vice president, general manager of North America to oversee wholesale.

In addition to fixing wholesale, Hill’s turnaround strategy hinges on a renewed “obsession with sport,” which includes a focus on product innovation, demand creation and less centralization of teams. While he noted some changes might impact financial results in the short term, Hill said he is “making the decisions that are best for the health of our brand and business.”

In the second quarter, Nike reported top and bottom line results that beat the expectations of analysts. Shares of Nike were up more than 10 percent in the initial moments in after hours trading on Thursday.

The sportswear giant reported top and bottom line results for the quarter that beat the expectations of analysts. Hill, who replaced John Donahoe as CEO in October, said in a statement that his top priority is to “return sport to the center of everything we do.”

“We’re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value,” Hill said. “Our team is ready to go, and I’m confident you will see more moments of Nike being Nike again.”

Shares of Nike were up more than 10 percent in the initial moments in after hours trading on Thursday.

For the second quarter, Nike reported that revenues were down 8 percent to $12.4 billion over the same quarter last year, ahead of the $12.11 billion expected by analysts surveyed by Yahoo Finance. Net income was down 26 percent to $1.2 billion and diluted earnings per share was 78 cents, which represented a 24 percent decline. This was ahead of the 63 cents expected by analysts.

Nike chief financial officer Matthew Friend said in a statement that Nike’s Q2 results “largely met” expectations as the company continues to realign demand for its key products. Nike recently implemented a promotional strategy to manage higher levels of inventory that have accumulated as a result of slower than expected retail sales. Nike has also reduced the presence of its popular franchises, such as the Air Force 1, Air Jordan 1 and Dunk, to reset demand for these key franchises.

“Under Elliott’s leadership, we are accelerating our pace and reigniting brand momentum through sport,” Friend said.

By brand, Nike brand revenues were down 7 percent to $12 billion in Q2, driven by declines across all geographies. Converse brand sales declined 17 percent to $429 million. By channel, Nike direct revenues were down 13 percent to $5 billion. Wholesale was down 3 percent to $6.9 billion. Inventories were flat compared to the prior year.

Given the CEO shift, Nike withdrew its guidance for the year last quarter and said will provide quarterly guidance throughout 2025.

Hill’s turnaround hinges on several key elements including a reinvigorated innovation pipeline, an improved company culture and, perhaps most notably, a new wholesale strategy. After exiting several retail partners in 2021, Nike has started to lean back into these relationships and recently elevated Tom Peddie to the role of vice president, general manager of North America to oversee this business unit

The slip resistant footwear company said Thursday that Quinn would take over the top role in January as Donald Watros retires, but remains with the company in an advisory role. Quinn has served as a board member of the company since October, and previously held roles at New Balance, Mars and Folgers, according to his LinkedIn. Most recently, he served as CEO of iDesign, a global houseware company.

“Entering the new year with our talented new board, we’ll continue to innovate in the slip-resistant and safety footwear space,” Quinn said in a statement. “Over the company’s first 40 years we’ve really fine-tuned our purposeful design and proprietary technology and I’m looking forward to continue to lead the industry in groundbreaking solutions for a wide range of use cases, from inside the kitchen to out in the field”.

The leadership transition comes just months after Shoes For Crews underwent a sale of its assets to first lien secured lenders via a stalking horse credit bid, thus emerging from Chapter 11 bankruptcy and eliminating more than $300 million of debt. Under the deal, a group of top-tier global investment firms — who had previously invested in the company — became the owners of Shoes For Crews and its international entities.

Shoes for Crews, which owns proprietary brands like Shoes For Crews, Ace Work Boots, Mozo and Lila, faced challenges during the Covid-19 pandemic when demand for safety footwear declined during lockdowns. As such, the company took on debt and then struggled when interest rates soared.

Watros told FN in a July interview that the transaction would put the company in a better position to expand into new product categories and markets as well as explore potential acquisition targets in the long term. Looking ahead, Watros said Shoes for Crews would invest in business development opportunities by identifying and onboarding new customers and would aim to carry out an expansion in the European market and in the industrial footwear category.

“During my tenure we have accomplished incredible things at Shoes For Crews,” Watros said in a statement. “From a long list of technology innovations to completely restructuring the business, we have logged a great number of successes. I’m looking forward to handing the baton onto my trusted successor, Chris, who will no doubt stack on more wins onto our growing list.”

In addition to its own brands, Shoes For Crews also partners with footwear brands that employ its slip-resistant outsole technology, such as New Balance, Dockers, Dansko, DeWalt, Cole Haan, Puma and Carolina Boots. Recently, the Shoes for Crews has launched new outsole technology that works in year-round environments such as oil, water and ice.

For the fourth quarter of 2024, revenue increased 22 percent to 456 million euros, which was ahead of prior guidance from the company. Net income was 52 million euros, or 28 cents per share, up from a loss of 15 cents in the same quarter the prior year.

Birkenstock said top-line growth was the result of strong consumer demand across several channels and categories. Birkenstock chief executive officer Oliver Reichert in a statement called out the brand’s progress of expanding into “white space opportunities” like closed-toe silhouettes, orthopedics and outdoor, as well as in strength in the APMA (Asia Pacific, Middle East and Africa) region and via owned retail.

“As we continue to gain the attention of consumers and wholesale partners, we are seeing strong, balanced growth in both our DTC and B2B channels,” Reichert said. “Both of these channels are highly profitable and allow us to maximize our reach, especially into new targeted consumer groups.”

For the full year, Birkenstock reported a revenue increase of 21 percent to 1.8 billion euros, which included double-digit revenue growth across all geographies. Net profit was 192 million euros, which was up 155 percent from the prior year. EPS was 1.02 euros.

In the Americas, revenues grew 19 percent, driven by DTC and wholesale growth. Birkenstock noted that wholesale growth was particularly strong towards the end of the year in this region, driven by back-to-school and the brand’s 250-year anniversary.

Across all regions, wholesale revenue grew 23 percent in fiscal 2024. Birkenstock noted that more than 90 percent of growth in the category came from existing doors “as key retail partners continue to expand the breadth and depth of their Birkenstock offerings to meet growing consumer demand.” DTC revenue was up 21 percent, making for a 40 percent penetration rate in that channel. In 2024, Birkenstock opened 20 new stores, bringing its total store fleet to 67.

Birkenstock also provided guidance for the 2025 fiscal year. The brand expects revenues to grow between 15 and 17 percent. Adjusted EBITDA margin is expected to be between 30.8 and 31.3 percent, which would be a 50 basis point increase compared to fiscal 2024.

Nike, which has been helmed by company veteran Elliott Hill since October, has implemented a deep promotional strategy to manage higher levels of inventory that have accumulated as a result of slower than expected retail sales. Nike also set out to reduce the presence of its popular franchises, such as the Air Force 1, Air Jordan 1 and Dunk, to reset demand for these key franchises.

These measures are part of a broader turnaround plan, helmed by Hill, designed to get Nike back on track after several quarters of falling sales and criticism regarding lack of innovation. It is still early on in the process, but analysts are overall upbeat about the Swoosh’s potential for growth in the long term.

According to Williams Trading analyst Sam Poser, Nike’s current promotional actions will likely translate into sluggish Q2 sales results. But the overarching benefits to brand health will likely ultimately pay off.

“Mr. Hill has cut the bandage off, which will quickly create a base for the business,” Poser said in a Dec. 11 note to investors. “We expect an aggressive promotional stance will remain in place through Q3 and begin to moderate in Q4.”

Stifel analyst Jim Duffy had a similar view, describing fiscal year of 2025 as a “transition year” for the company. While Duffy gave the stock a “hold” rating, he remained positive about the potential for a broader turnaround under Hill.

“We expect Mr. Hill is upbeat and bullish about long-term potential for the Nike and Jordan brands but forthright about near-term challenges,” Duffy wrote in a note to investors last week. “We are encouraged to see a Nike insider in the CEO role but Nike remains in reset mode and we expect it will take time to revitalize company culture and ultimately reinvigorate brand momentum.”

Hill’s turnaround hinges on several key elements including a reinvigorated innovation pipeline, an improved company culture and, perhaps most notably, a new wholesale strategy. After exiting several retail partners in 2021, Nike has started to lean back into these relationships and recently elevated Tom Peddie to the role of vice president, general manager of North America to oversee this business unit.

Several key Nike partners are already picking up on these changes. In the last few weeks, Foot Locker, Academy Sports + Outdoors, Designer Brands Inc. and JD Sports have all called out the Swoosh during calls with analysts discussing their most recent earnings results. In many cases, the chains lauded their Nike relationships and said they were looking to increase the amount of product they receive from the brand moving forward.

“We believe Hill along with VP/GM of North America Tom Peddie are the right leaders to drive a marketplace recovery,” said Baird analyst Jonathan Komp in a note to investors last week. “And any signs of positive reception to newer product introductions can reinforce confidence in brand fundamentals over the next several quarters.”

Foot Locker, Academy Sports + Outdoors, Designer Brands Inc. and JD Sports have all called out Nike Inc. in calls with analysts discussing their most recent earnings results. In some cases, the commentary has been positive. Academy Sports + Outdoors this week announced it would deepen its relationship with Nike and add an expanded offering of product from the brand into more stores in 2025. Executives at Designer Brands Inc. also called out a strong partnership with Nike this week following the brand’s return to the retailer two years ago. (The Swoosh exited DSW temporarily back in 2021.)

“We continue to be very pleased with Nike’s performance,” said Doug Howe, DBI’s chief executive officer, in a call with analysts on Tuesday. “They couldn’t be better partners. We’re really encouraged.”

It other cases, the news has been less upbeat. Foot Locker, for example, last week reported a sales and earnings miss in the third quarter, which was in part driven by softness at Nike, its largest brand partner.

Part of the reason for this disparity stems from Foot Locker’s outsized reliance on Nike compared to other chains. Nike is Foot Locker’s largest brand and makes up 60 percent of its brand mix. Comparatively, the Swoosh is also the largest vendor at Dick’s Sporting Goods, but makes up only 24 of its brand mix at that chain. And at the DBI-owned DSW, Nike’s percentage is currently unclear but the brand only made up less than 4 percent of revenue in 2019. As such, Foot Locker is more vulnerable than others when it comes to challenges at Nike.

“As people like to say, when Nike gets the sniffles, Foot Locker gets the flu,” Matt Powell, advisor at Spurwink River and senior advisor at BCE Consulting, told FN in an interview. “When Nike business isn’t great — and it still isn’t great — Foot Locker is going to be one of the retailers that really struggles.”

Nike, which has been helmed by company veteran Elliott Hill since October, has recently utilized promotions to manage higher levels of inventory that have accumulated as a result of slower than expected retail sales. As such, partners like Foot Locker have faced competition from retailers with deeper discounts during the fall season.

“That’s why we see Foot Locker putting more emphasis on smaller brands to try to differentiate away from Nike,” Powell said.

In addition to general brand mix, Foot Locker is also suffering from a lack high-heat product from Nike as the brand tries to retool its product mix in the marketplace. Due to recent weak demand, Nike has set out to reduce the presence of its popular franchises, such as the Air Force 1, Air Jordan 1 and Dunk, a move that has disproportionately hurt Foot Locker compared to its specialty retailers that carry more performance-focused product.

“Foot Locker is being hit by Nike’s rebalancing,” said Jane Hali & Associates analyst Jessica Ramirez. “Dick’s and Academy have mostly true athletic product, not necessarily lifestyle.”

Like Foot Locker, JD is one of the larger chains that has been impacted by this re-balancing as well. In November, the retailer reaffirmed its strong relationship with its key brand partner, Nike, but noted that the pullback some of its key Jordan products has impacted results in Q3. However, JD CEO Regis Schultz said the retailer is still on track to receive hot products from Nike for important sales moments moving forward.

“We will see some high heat products for the key holiday period. We have some Jordan high heat product and some Nike high heat product,” Schultz said in a call with analysts. “For me, it’s all good news in terms of the relationship, in terms of the way of thinking and the way of working. We feel really good about what will happen in the U.S. market following the appointment of Elliott.”

The FDRA’s Q4 2024 Shoe Executive Business Survey showed that a record-high number of executives have cited governmental actions on tariffs as the most prominent issue likely to define business over the next six months. The data represents a tripling from the prior quarter, where trade policy was also cited as a key issue moving forward.

The data comes as Donald Trump, fresh off his 2024 election win, announces new tariff plans that could have dire impacts on the cost of footwear. Ninety-nine percent of the shoes sold in the United States are imported from primarily China, Vietnam and Indonesia.

Trump vowed this year to impose a 10 to 20 percent tariff on imports from all foreign countries and an additional 60 to 100 percent tariff on imports specifically from China. The President-elect also recently said he plans to impose a 25 percent tax on all products entering the U.S. from Canada and Mexico, plus an additional 10 percent tariff on imports from China.

According to the FDRA survey, three in five respondents expect to see higher costs due to tariffs in 2025, and 37 percent expect to see retail prices raise by more than 5 percent next year.

Tariffs also emerged as the hottest topic throughout market week in New York and in multiple executive statements during earnings calls and interviews.

For example, Foot Locker chief executive officer Mary Dillon told FN in an interview last week that the retailer will monitor any updates related to potential tariff changes that could possibly impact business. Foot Locker’s direct exposure to China is limited, though Dillon noted that brand partners could see more of an impact. Other brands discussed the impact as well.

“The tariff talk around China in particular and trading partners at large is top of mind,” Jared Fix, who joined Toms as chief executive officer in July, told FN in an interview. “We have world class manufacturing partners who are committed to this brand. So if we need to have an ex-China manufacturing strategy, we can do that.”

Despite the concern with regard to tariffs, executives’ outlook for the economy over the next six months improved and was the most positive it has been in 13 quarters. The outlook for strong shoe shoppers also hit the highest level in 13 quarters and more than half of respondents said they expect their company sales to rise over the next six months.

According to a new report from PwC, consumer market deal activity was up 4 percent in the second half of 2024, compared to a 4 percent decline in the first half of the year. And this growth is on track to continue into 2025, as executives seek out inorganic growth strategies to counter price stagnation and slower consumer demand. The report, which analyzed S&P Capital IQ data, also found that deal volume in the consumer sector at the start of Q4 had already started to increase, which bodes well for 2025.

“M&A has always been an important aspect for growth and innovation in this space,” said Mike Ross, PwC’s U.S. consumer markets deals leader, in an interview with FN. “And I think what we’re seeing right now is a bit of a resurgence or a return to normal.”

In the footwear sector, deal activity notably picked up in the second half of 2024 after a slow start to the year. In June, RG Barry Corporation revealed it had been acquired by the Marubeni Growth Capital U.S. (MGCU) a subsidiary of the Tokyo-based Marubeni Corporation. And in July, JD Sports Fashion completed its deal to acquire Hibbett Sports.

More recent deals have included Steve Madden’s December acquisition of the ATM apparel brand, Vida Shoes International’s September acquisition of Aquatalia and Bluestar Alliance’s September acquisition of Off-White from LVMH.

According to Ross, private equity investment groups have held onto some assets for longer than their usual holding time. Now, favorable conditions in the U.S. market are encouraging them to make more deals.

“They’re getting increasing pressure from their investor groups to create liquidity,” Ross said. “When you combine that with some of the other positive things we’re seeing here, it’s another reason why I’m a bit more bullish on the activity uptick heading into 2025.”

Throughout the back half of 2024, Ross noted that several of his clients in the consumer space have focused on becoming “deal ready” in order to be set up to make the necessary moves when the timing is right. This preparation involves undergoing portfolio reviews, analyzing balance sheets and focusing on categories that can be useful for inorganic growth through M&A.

When it comes to the type of acquisitions to expect in the consumer space, smaller deals are the most common, though larger deals like the Saks and Neiman Marcus merger are still on the table. When it comes to the smaller deal side, Ross said there is more intentionally with regard to how a new asset fits in with the long term goals of a company.

“They’re spending a lot more time thinking about how to preserve the secret sauce of what they’re buying, which is so important in the consumer space,” Ross said. “They’re making sure that we don’t just buy this company and run them through our M&A acquisition machine without any thoughts about how are we actually creating value and preserving the value of what we bought.”

Within footwear, Ross said newer brands that have already succeeded in DTC and social channels would likely be “interesting” targets for larger players as well as private equity.

“There is still a lot of capital and a lot of specialty expertise in those mid-market private equity players to actually be successful in taking these earlier stage brands and really helping them grow in this competitive environment,” Ross said.

The German sportswear brand said it has opened Studio48, a new creative hub in its Herzogenaurach, Germany headquarters focused on developing products and campaigns across several categories, including sportstyle and performance. The 5,300-square-foot space will include a 3D printing facility, sewing machines, product testing space, a photo studio and meeting space for internal and external creatives.

Studio48 will also host global design meetings and workshops as necessary. To celebrate the opening, Puma recently hosted a workshop featuring US-based upcycler Nicole McLaughlin alongside Puma designers from across the globe.

“With the new Studio48 we are creating a significant tool to enhance the excellence of our designs and elevate the brand,” said Heiko Desens, Puma’s vice president creative direction and innovation. “While many of our products are created digitally, Studio48 will be a space for a different kind of creativity, where our designers from different departments can brainstorm together, exchange best practices, experience new materials and touch and feel the products they want to make.”

Earlier this year, Puma said it would open a similar creative space, named Puma Studio, in the Hollywood area of L.A. in early 2025. According to Puma, the new facility will bring its design and marketing teams closer to “the most influential communities and celebrities” in order to “inspire products and campaigns for the strategically important U.S. market.”

In November, Puma reported that third quarter revenues fell 0.1 percent to 2.31 billion euros. When adjusted for currency effects, sales were 5 percent up. As executives explained, Puma’s challenges have included currency headwinds, rising freight costs and weak consumer demand in China. Between July and September, the German sportswear brand grew the most in the Americas, with 11.4 percent growth. North American sales grew 6.1 percent, currency adjusted, and Latin America 20.4 percent.