German sportswear giant Puma SE has strengthened its balance sheet with over €600 million ($707.27 million) in fresh financing. Underwritten by Santander CIB, the package includes a €500 million bridge loan and an additional €108 million credit line, both carrying a two-year maturity. This capital infusion arrives at a definitive ‘reset year’ for the brand, as it moves to refinance its existing Puma SE’s €1.2 billion revolving credit facility and clear the deck for a 2026 turnaround aimed at establishing Puma as a top-three global sports brand.
Strategic pivot: Shedding inventory to scale innovation
The new funding is specifically earmarked to provide ‘headroom’ as Puma navigates a complex transition. In 2025, the brand took aggressive measures to ‘clean up’ its distribution, including slashing lower-quality wholesale accounts and aggressively discounting excess stock. This reset was reflected in Q3 2025 results, where apparel sales dipped by 12.8 per cent to €635.5 million.
However, Markus Neubrand, CFO, notes, the bank-backed confidence allows Puma to focus on high-margin performance categories - such as the MagMax running series - rather than defensive inventory management.
The ‘10FOR25’ sustainability milestone
While the financial markets focus on the loan, the textile sector is watching Puma’s ‘10FOR25’ sustainability targets. By the close of 2025, Puma aims for 90 per cent of its apparel and accessories to contain more than 50 per cent recycled or certified materials. The recent liquidity ensures that despite a reported EBIT loss in 2025 due to trade headwinds and US tariffs (estimated at an €80 million hit), the company can maintain its €250 million CAPEX commitment toward supply chain diversification in Vietnam and Indonesia and its ‘fiber-to-fiber ‘recycling programs.
A premier global sports brand, Puma is involved in designing, developing, and marketing footwear, apparel, and accessories.
