German sportswear company Puma's use of top athletes and celebrities as its face seems to be powering its rising revenues, a strategy the brand plans to continue after its flagship star Usain Bolt retires.
German sporting goods maker Puma lifted its profit and sales guidance for 2017 after posting strong first-quarter earnings in a surprise release on Wednesday that looked set to lift its shares 2.5% at market open.
Puma and Under Armour switch places following Puma's rise in share price while Under Armour's declined. The German sportswear label is on track to keep growing while its U.S. counterpart is facing some stiff headwinds.
Retro sneakers and endorsements by stars like Usain Bolt and Rihanna helped German sportswear firm Puma deliver strong sales growth in the fourth quarter and make a confident forecast for 2017 on Thursday.