The sportswear giant from Germany has revealed that it expects Greater China to return to growth in 2023.
At Puma’s conference call dissecting the brand’s fourth-quarter and full-year 2022 financial results, Chief Executive Arne Freundt said the company plans to expand the contribution from the Greater China region to the group’s revenue, which so far stands at about five per cent.
Puma said its Asia-Pacific region in the fourth quarter recorded a sales growth of 1.6 per cent currency adjusted. The firm said Covid-19 related lockdown measures and geopolitical tensions continued to impact business in Greater China, while other key markets in APAC delivered “strong growth.”
Quarterly sales in footwear were up 53 per cent, driven by continued strong demand for performance categories like running and training, team sports and basketball, as well as for sports styles. Sales in apparel and accessories declined by 1.6 per cent and five per cent respectively, mainly because of softer demand in North America and Greater China, said the company.
The quarterly uptick in APAC sales, however, was not enough to stem sales losses for the year, with APAC down 2.2 per cent in 2022.
