Dive Brief:
- Guess Inc and Hugo Boss alum Markus Neubrand will step in as finance chief for German retailer Puma, as well as serve as a member of its board, effective Oct. 1, the company announced Thursday in a press release.
- Neubrand, 48, will succeed CFO Hubert Hinterseher, whose contract will end “by mutual agreement” on Dec. 1, the Herzogenaurach, Germany-based sports retailer said.
- Neubrand is “an experienced finance executive with significant operational, financial planning and capital markets expertise,” Puma CEO Arne Freundt said in a statement included in the Thursday release. “With his strong knowledge of the industry and people-first approach, Markus is a great fit for the Puma Family and I am excited to start working with him to write our next chapter of sustainable growth based on brand elevation.”
Dive Insight:
A 19-year veteran of the sports retailer, Hinterseher has served as Puma’s CFO since June 2021, according to his LinkedIn profile. He will officially step down from his role as of Sept. 30 and will leave in December “after a successful and smooth transition,” the company said.
His successor Neubrand, a veteran of the fashion industry, most recently served as CFO for Switzerland-based retailer Guess Inc, resigning in August after approximately a year in the role, CFO Dive previously reported. He departed for an opportunity which “will bring him closer to his family,” according to a company press release at the time.
Prior to Guess, his previous experiences included stints as Group CFO for luxury retailer MCM Wordwide, as well as a 17-year tenure at retailer Hugo Boss, where he served in various roles including as COO and CFO, Americas, according to his LinkedIn profile.
As part of his role as Puma’s CFO, Neubrand will oversee the sports retailer’s finance, investor relations, legal, IT and business solution departments, the company said. Beginning with his appointment on Oct.1, the company’s board will be comprised of Neubrand, CEO Freundt, CPO Maria Valdes, and CSO Anne-Laure Descours, according to the Thursday press release.
Neubrand’s appointment comes as Puma continues its focus on increasing “the brand desirability for the long-term growth of the Puma brand,” Freundt said in a statement included in the company’s most recent earnings report.
In April ahead of the Summer Olympics, the company launched its first global brand campaign in a decade, Industry Dive sister publication Marketing Dive previously reported. The campaign marked “the largest marketing investment to date” from the company, with Puma — as well as its fellow retailers — leaning on the Olympics to forge better relationships with consumers, Marketing Dive reported.
The global brand campaign also followed as Puma has struggled to shake off slumping profits, reporting guidance for its Q1 2024 that fell below analyst expectations, according to Marketing Dive. Following its April campaign, Puma reported rising sales for its second quarter in August, with the company “well on track to deliver on our outlook for the full year,” Freundt said.
Sales for the quarter grew by 2.1% to reach €2.1 billion, though “currencies continued to be a headwind, negatively impacting sales in euro terms by approximately €50 million in Q2 2024,” the company said. However, the sports retailer also reported a 23.8% decrease in net income for the quarter to €41.9 million, according to its earnings report.
Puma also narrowed it EBIT outlook for the full year to a range between €620 million to € 670 million, compared to its previous outlook of between €620 million to €700 million.
Puma declined to comment beyond the details included in its press release.
via https://www.aiupnow.com
Grace Noto, Khareem Sudlow
