Puma

When a species bears a predator's name, it better move fast. Puma generated €8.8 billion in 2024, growing 4.4% currency-adjusted despite inventory bloating to €2.15 billion and U.S. tariffs cutting €80 million from margins. The brand holds 6.98% of global sportswear against Nike's €28.4 billion footwear empire—a 6:1 size disadvantage that demands niche-partitioning rather than head-on competition. Footwear drove 54% of revenue at €4.73 billion, up 13% as Speedcat and Inhale generated "enormous headlines" in fashion media. This reflects phenotypic-plasticity: the same platform adapts from performance credibility (running, soccer) to Sportstyle Prime (fashion collabs). Direct-to-consumer soared 16.6% to €2.42 billion, bypassing wholesale intermediaries like a predator cutting out scavengers. The nextlevel program targets 8.5% EBIT margin by 2027 through resource-allocation: trimming indirect costs while feeding growth segments. But newer predators hunt the same territory—On Running and Hoka grew footwear 68% and 54% in 2024, demonstrating frequency-dependent selection where being different (maximal cushioning, Swiss engineering) beats being better at sameness. Puma's first brand campaign in a decade, "See the Game Like We Do," functions as costly-signaling: investing €300 million in capex and marketing to demonstrate commitment when rivals could fake it cheaper. The challenge mirrors cheetah conservation—speed alone doesn't guarantee survival when the landscape shifts under your paws. With 10% EBIT margin as the long-term target, Puma needs the metabolic efficiency of its namesake: explosive bursts in the right moments, not sustained marathons against larger competitors.