24/08/2026
Puma tripled its marketing spend this quarter. Poached Portugal's kit sponsorship from Nike. Launched an aggressive Gen Z campaign.
Profit collapsed more than 80% in the same quarter.
Adidas — same city, same founding family, same DNA — gained real momentum in the same market at the same time.
The difference wasn't budget. It was whether the layers underneath the signal — inventory, brand readiness, product-market fit — were actually ready to carry it.
Full breakdown → link in bio