Dive Temporary:
- Guess Inc and Hugo Boss alum Markus Neubrand will step in as finance chief for German retailer Puma, in addition to function a member of its board, efficient Oct. 1, the corporate introduced Thursday in a press launch.
- Neubrand, 48, will succeed CFO Hubert Hinterseher, whose contract will finish “by mutual settlement” on Dec. 1, the Herzogenaurach, Germany-based sports activities retailer mentioned.
- Neubrand is “an skilled finance govt with vital operational, monetary planning and capital markets experience,” Puma CEO Arne Freundt mentioned in an announcement included within the Thursday launch. “Along with his robust data of the business and people-first method, Markus is a superb match for the Puma Household and I’m excited to start out working with him to write down our subsequent chapter of sustainable development primarily based on model elevation.”
Dive Perception:
A 19-year veteran of the sports activities retailer, Hinterseher has served as Puma’s CFO since June 2021, in line with his LinkedIn profile. He’ll formally step down from his function as of Sept. 30 and can go away in December “after a profitable and clean transition,” the corporate mentioned.
His successor Neubrand, a veteran of the style business, most just lately served as CFO for Switzerland-based retailer Guess Inc, resigning in August after roughly a 12 months within the function, sister publication CFO Dive beforehand reported. He departed for a possibility which “will deliver him nearer to his household,” in line with an organization press launch on the time.
Previous to Guess, his earlier experiences included stints as Group CFO for luxurious retailer MCM Wordwide, in addition to a 17-year tenure at retailer Hugo Boss, the place he served in numerous roles together with as COO and CFO, Americas, in line with his LinkedIn profile.
As a part of his function as Puma’s CFO, Neubrand will oversee the sports activities retailer’s finance, investor relations, authorized, IT and enterprise resolution departments, the corporate mentioned. Starting together with his appointment on Oct.1, the corporate’s board shall be comprised of Neubrand, CEO Freundt, CPO Maria Valdes, and CSO Anne-Laure Descours, in line with the Thursday press launch.
Neubrand’s appointment comes as Puma continues its give attention to growing “the model desirability for the long-term development of the Puma model,” Freundt mentioned in an announcement included within the firm’s most up-to-date earnings report.
In April forward of the Summer time Olympics, the corporate launched its first world model marketing campaign in a decade, sister publication Advertising Dive beforehand reported. The marketing campaign marked “the biggest advertising and marketing funding to this point” from the corporate, with Puma — in addition to its fellow retailers — leaning on the Olympics to forge higher relationships with shoppers, Advertising Dive reported.
The worldwide model marketing campaign additionally adopted as Puma has struggled to shake off slumping income, reporting steerage for its Q1 2024 that fell under analyst expectations, in line with Advertising Dive. Following its April marketing campaign, Puma reported rising gross sales for its second quarter in August, with the corporate “effectively on monitor to ship on our outlook for the complete 12 months,” Freundt mentioned.
Gross sales for the quarter grew by 2.1% to achieve €2.1 billion, although “currencies continued to be a headwind, negatively impacting gross sales in euro phrases by roughly €50 million in Q2 2024,” the corporate mentioned. Nevertheless, the sports activities retailer additionally reported a 23.8% lower in web earnings for the quarter to €41.9 million, in line with its earnings report.
Puma additionally narrowed it EBIT outlook for the complete 12 months to a spread between €620 million to € 670 million, in comparison with its earlier outlook of between €620 million to €700 million.
Puma declined to remark past the main points included in its press launch.
