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Puma (OTC:PMMAF) Stock, Chaîne d'Options

Puma designs and markets footwear, apparel, and accessories under its own name and golf clubs and golf accessories under the Cobra Golf name. Footwear (53% of 2024 sales) is its largest category, followed by apparel (32%) and accessories (14%). Puma also licenses its name for fragrances, eyewear, and watches. Most (73% in 2024) of its sales are through wholesale partners, with the rest through approximately 1,000 owned retail and outlet stores and online channels. The company's products are sold in Europe, the Middle East, and Africa (39% of 2024 sales), the Americas (40%), and Asia-Pacific (21%).

PUMA AG RUDOLF DASSLER SP by Puma AG Rudolf Dassler Sport

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On March 11, 2025, Puma SE Confirmed FY Preliminary Results, 2025 Outlook; Adjusted Sales In EMEA Region Up 14.6% At €796.5 Million; Q4 Currency-Adjusted Sales In America Region Up 6.5% At €986.3 Million; Q4 Currency-Adjusted Sales In Asia/Pacific Region Up 9.5% At €506.6 Million

Puma CEO Says Brand Elevation Strategy Will Take Years; Company Needs To Continue To Elevate The Brand; Group Has Identified Main Problems, Is Addressing Them; Outlook Is Below Initial Expectations

Sports company&nbsp;Puma SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PMMAF#OTC">PMMAF</a>) reported fourth-quarter sales growth of 9.8% on a currency-adjusted basis, <a target="_blank" href="https://about.puma.com/en/newsroom/corporate-news/2025/22-01-2025-puma-announces-preliminary-results-fourth-quarter-and-full" rel="noreferrer noopener">totaling 2.289 billion euros</a> (~$2.38 billion). The growth was 15.5% reported on a reported basis.
Overall growth in EMEA was 14.3%, Europe (+10.3%), Greater China (+7.4%), Other APAC (+19.0%), and North America (+2.6%).
However, sales growth in LATAM remained relatively softer at +7.0%. PUMA&#8217;s Footwear and Apparel businesses grew by 9.2% and 8.8%, respectively, while Accessories saw a 14.5% increase.
PUMA reported an EBIT of 109 million euros, up from 94 million euros in the same quarter of 2023, with net income surging to 24 million euros, compared to 1 million euros last year, although both figures still fell short of expectations.
Full-year sales grew by 4.4% (currency-adjusted) to 8.817 billion euros, meeting its expectations.
&#8220;While we achieved solid sales growth in 2024 and made meaningful progress on our strategic initiatives, we are not satisfied with our profitability, &#8220;said CEO Arne Freundt.
Related Read: <a target="_blank" href="https://www.benzinga.com/25/01/43121964/adidas-sees-solid-gains-in-q4-looks-to-expand-market-share" rel="noreferrer noopener">Adidas Sees Solid Gains In Q4, Looks To Expand Market Share</a>
&#8220;Combined with decisive actions already taken, we will implement further cost control measures in 2025.&#8221;
The company reported an operating result (EBIT) of 622 million euros for the full year, remaining flat year-on-year. However, net income came in lower at 282 million euros, down from 305 million euros in 2023, primarily due to increased net interest expenses and higher non-controlling interests.
In response to its financial performance, PUMA unveiled a new cost-efficiency program, &#8220;nextlevel,&#8221; which aims to achieve an EBIT margin of 8.5% by 2027.
The program is expected to improve PUMA&#8217;s underlying operating results starting in 2025, with the long-term goal of reaching a 10% EBIT margin.
This program is part of PUMA&#8217;s strategic efforts to streamline operations and improve profitability over the next few years.
Price Action: PMMAF shares closed lower by 3.43% at $40.27 on Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/01/43124975/why-gillette-parent-procter-gambles-stock-is-rising-today" target="_blank" rel="noreferrer noopener">Gillette Parent Procter &amp; Gamble Q2 Earnings: Navigates Commodity And Forex Challenges, Maintains Core FY25 Outlook</a></li>
</ul>
Photo via Shutterstock..

Equities

Guidance

PUMA Sees Growth In Q4 Sales, Warns Of Cost Cut In 2025

A wave of concern is sweeping through the athletic footwear industry as Donald Trump&#8216;s proposed import tariffs threaten to significantly impact sneaker manufacturers and retailers. The potential policies could especially affect companies heavily <a href="https://www.benzinga.com/news/24/11/41795320/trumps-20-tariff-plans-could-unleash-wave-of-spending-on-big-ticket-buys-in-holiday-quarter-says-eco">dependent on Asian manufacturing hubs</a>.
What Happened: Industry leaders are bracing for impact after <a href="https://www.benzinga.com/news/large-cap/24/11/41774549/trumps-big-tech-policies-what-gop-victory-means-for-apple-google-microsoft">Trump proposed a 20% blanket tariff</a> on all imports and a steep 60% levy specifically on Chinese goods. The footwear sector, which already faces substantial import duties, could see production costs surge further.
Wall Street reflected these concerns as major athletic wear stocks declined. Nike (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) fell 3.41%, while Adidas (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADDYY#OTC">ADDYY</a>) dropped 3.62%. Under Armour (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>) saw a 1.35% decrease, and VF Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>), owner of Vans, declined 2.67%.
&#8220;It&#8217;s a huge headwind for the entire industry,&#8221; Brooks Running CEO Dan Sheridan <a href="https://finance.yahoo.com/news/starbucks-ceo-no-plans-to-move-hq-out-of-seattle-as-the-company-attempts-a-turnaround-214425009.html">told</a> Yahoo Finance, noting that footwear companies currently navigate a 20% tariff on Chinese imports and approximately 27% on Vietnamese goods.
Benzinga contacted several impacted companies but did not receive an immediate response.
See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41795668/peter-schiff-says-cutting-taxes-is-easy-but-reducing-spending-not-so-simple-warns-of-inflation-s">Peter Schiff Says &#8216;Cutting Taxes Is Easy&#8217; But Reducing Spending Not So Simple, Warns Of Inflation Spike Under Trump</a>
Why It Matters: The industry&#8217;s vulnerability stems from its heavy reliance on Asian manufacturing hubs, including China, Vietnam, and Indonesia. Additional levies could force companies to either absorb higher costs or pass them on to consumers.
Trump&#8217;s proposed policies follow his election victory over Democrat Kamala Harris, where he secured 277 electoral votes and 51% of the popular vote, according to Associated Press figures.
Some companies showed resilience amid the market uncertainty. Puma (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PMMAF#OTC">PMMAF</a>) gained 2.10%, while Deckers Outdoor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>), the parent company of Hoka One One, edged up 0.67%.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/11/41795320/trumps-20-tariff-plans-could-unleash-wave-of-spending-on-big-ticket-buys-in-holiday-quarter-says-eco">Trump&#8217;s 20% Tariff Plans Could Unleash Wave Of Spending On Big Ticket Buys In Holiday Quarter, Says Economist Justin Wolfers — &#8216;Already Hearing Anecdata&#8217;</a></li>
</ul>
Image generated using Dall-E
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Asia

Markets

ADDYY

DECK

Trump 2.0 A Sneaker Head's Nightmare? Your Next Pair Of Nikes Or Vans Could Cost A Pretty Penny: Here's Why

Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) encountered a significant legal hurdle in its ongoing efforts to trademark the term &#8220;footware&#8221; for tech-related products, following a ruling by the General Court of <a href="https://www.benzinga.com/topic/european-union">the European Union.</a>
This decision came after a challenge from German competitor Puma SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PMMAF#OTC">PMMAF</a>).
The EU court, the bloc&#8217;s second-highest judicial authority, not only rejected Nike&#8217;s trademark application but also mandated that the U.S. sportswear giant cover the legal expenses incurred by Puma. 
The court&#8217;s judgment is based on concerns that the term &#8220;footware&#8221; might be confused with &#8220;footwear,&#8221; a generic term that cannot be trademarked, The Wall Street Journal <a href="https://www.wsj.com/business/retail/nike-loses-to-puma-in-eu-trademark-dispute-0789b3cc?mod=retail_news_article_pos5">reported</a>.
Nike&#8217;s intent with the &#8220;footware&#8221; trademark was to bridge concepts of &#8220;foot&#8221; with &#8220;software&#8221; or &#8220;hardware,&#8221; aiming to label a range of tech-integrated products. 
However, the court sided with Puma&#8217;s argument that the term could easily be misinterpreted as &#8220;footwear&#8221; by consumers, thereby categorizing it as merely descriptive rather than distinctive.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/06/39183169/nikes-multiyear-cost-cutting-strategy-leads-to-layoffs-in-europe-report">Nike&#8217;s Multiyear Cost-Cutting Strategy Leads To Layoffs In Europe: Report</a>
This ruling follows various legal challenges against Nike&#8217;s trademark attempts in multiple jurisdictions. 
While Nike previously succeeded in securing the trademark in the U.K. following a 2021 ruling, its efforts faced a setback in the U.S. earlier this year when the Trademark Trial and Appeal Board sided with San Antonio Shoemakers, who argued against the trademark on similar grounds.
Nike has the option to escalate the case to the European Court of Justice, the EU's highest court, should it choose to continue pursuing the trademark. 
Nike stock has lost more than 12% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) and Fidelity MSCI Consumer Discretionary Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDIS#NYSE">FDIS</a>).
Price Action: NKE shares are trading higher by 0.53% at $94.18 in premarket at last check Thursday.
Read Next: <a href="https://www.benzinga.com/news/24/05/39045408/nike-wins-partial-victory-in-three-stripe-trademark-battle-with-adidas">Nike Wins Partial Victory in Three-Stripe Trademark Battle with Adidas</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Eurozone

General

FDIS

Nike's Bid To Trademark 'Footware' Thwarted By EU Court

Caitlin Clark is set to pull in the most lucrative shoe deal deal a women&#39;s basketball player has ever signed.
The contract she and Nike&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) have agreed to will bring the superstar up to $28 million over eight years, plus a signature shoe, The Wall Street Journal reported.
Clark&#39;s team set the bar high, telling shoe companies a deal must be at least $3 million per year, according to the Journal. That made Puma&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>) drop out, and Adidas&#39;&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/adddf#OTC">ADDDF</a>)&nbsp;reported offer of a $6 million, four-year deal far below the mark. The Under Armour offer was the next most enticing, with a four-year, $16 million contract and a signature shoe pitched with the help of Stephen Curry, The Athletic reported. At one point, some companies were making offers contingent on her staying at Iowa for another season, thinking she&#39;d hold bigger star power by playing one more year in college, according to the Journal.
While Under Armour would bring her a higher annual salary, Clark reportedly is going with Nike. She had been with the Oregon-based shoe giant since 2022, but their contract expired after this past college season.&nbsp;
Clark follows in the footsteps of Sabrina Ionescu, who was lured by an Under Armour&ndash;Curry pitch but also went with Nike. Along with her signature shoe, Ionescu was reportedly able to earn up to $24 million, but she won&#39;t hit that mark thanks to injury and the COVID-19 pandemic, the Journal reported. Clark posed in a pair of Sabrina 1s for her first photo shoot in an Indiana Fever jersey.
Since announcing her decision to join the WNBA, Clark has also inked deals with Gainbridge&mdash;which sponsors the Fever&#39;s home arena&mdash;Panini, and Xfinity.
The post <a href="https://frontofficesports.com/caitlin-clark-nike-deal-value/">Caitlin Clark&#39;s Nike Deal Reportedly Worth $28 Million Over Eight Years</a> appeared first on <a href="https://frontofficesports.com">Front Office Sports</a>.

Sports

ADDDF

Caitlin Clark's Nike Deal Reportedly Worth $28 Million Over Eight Years

Nike Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) is reportedly&nbsp;on the brink of&nbsp;finalizing a substantial endorsement deal with basketball sensation Caitlin Clark ahead of her anticipated professional debut scheduled for May.
Clark, recently selected as the first overall pick in the WNBA draft by the Indiana Fever following a remarkable collegiate career, had previously enjoyed sponsorship from Nike under a name, image, and likeness arrangement while attending the University of Iowa, reported&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-18/nike-nke-caitlin-clark-endorsement-deal-getting-closer?srnd=industries-v2&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
Set to join the ranks of the world&#8217;s largest sportswear company, Clark is poised to launch her&nbsp;own&nbsp;signature line of footwear, aligning with Nike&#8217;s strategy of cultivating a roster of young basketball talents.
This move comes as renowned athletes such as LeBron James and Kevin Durant approach the twilight of their careers.
Nike&#8217;s CEO, John Donahoe, highlighted Clark&#8217;s potential during a recent conference call with investors and analysts.
The brand showcased Clark in a commercial aired in&nbsp;March,&nbsp;following her record-breaking performance in NCAA basketball.
As per the report, major athletic brands are&nbsp;turning their focus to&nbsp;women&#8217;s sports, drawn by surging viewership and the emergence of new stars. Despite this, female athletes&nbsp;being granted&nbsp;sneaker lines&nbsp;remains&nbsp;relatively rare.
In September, Nike debuted a signature shoe with New York Liberty standout Sabrina Ionescu, a move praised by Donahoe for its broad appeal across genders.
Meanwhile,&nbsp;Puma SE&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/PMMAF#OTC">PMMAF</a>) has a similar arrangement with Ionescu&#8217;s teammate, two-time MVP Breanna Stewart, the report added.
Price Action: NKE shares closed higher by 0.95% at $95.74 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by pixfly on Shutterstock

Media

Nike's Sneaker Coup: Reportedly Nears Lucrative Deal With Basketball Sensation Caitlin Clark

RACE

Ferrari Renews And Strengthens Its Multi-Year Partnership With Puma

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Stocks That Hit 52-Week Highs On Tuesday

Adidas CEO Says Does Not Expect Much Catch-up Buying in China After Coronavirus Outbreak Ends

Foot Locker, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fl#NYSE">FL</a>) reported a third quarter earnings beat on Friday, but a sales miss sent shares plunging.
<h3>The Analyst and Rating</h3>
Cowen analyst <a href="https://www.tipranks.com/analysts/john-kernan">John Kernan</a> reiterated a Market Perform rating but lowered his price target from $47 to $45.
<h3>The Thesis</h3>
The footwear retailer reported impressive comp growth of +5.7% year-over-year, and up from +0.8% in the second quarter.
Kernan says comp growth came largely from Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) and Adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) innovation, but the company will face tougher comparisons heading into next year.
Foot Locker management said it expects fourth quarter comps to be in the low single digit range and added that moving forward, the company will provide comps and EPS guidance on an annually instead of on a quarterly basis.
Kernan said management attributed the comp guidance reduction to declining apparel and a shift in the Yeezy launch schedule, which was pulled forward to earlier in the year compared to last year.
The analyst said apparel was negatively affected by a shift away from fashion sportswear and logo, potentially a negative sign for Hanesbrands Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hbi#NYSE">HBI</a>) Champion,<a href="https://www.benzinga.com/news/19/04/13562502/how-champions-retro-resurgence-is-driving-hanesbrands"> a brand that has enjoyed success</a> at Foot Locker in recent months.
Foot Locker will face a difficult +9.7% comp comparison in the fourth quarter, which was driven by a +22% increase in the e-commerce channel, said Kernan.
A positive take away from Foot Locker&rsquo;s quarter was a return to growth in the basketball category however, driven by a strong Jordan business, robust <a href="https://www.benzinga.com/news/17/10/10243630/air-force-1-the-shoe-that-defined-sneaker-culture-celebrates-its-35th-anniversar">Air Force 1</a> and <a href="http://Nike's 'Tanjun' Was The Bestselling Shoe Of 2018; Mid-Market Footwear Dominates Top 10">Air Max </a>demand, a good sign for Nike, said Kernan.
The analyst also said Adidas&rsquo; NMD and Puma SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>)&nbsp;RS-X are performing well at Foot Locker.
<h3>Price Action</h3>
Foot Locker shares were down 2.90% on Friday, closing at $40.25.
Related Links
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/13077641/the-adidas-yeezy-line-expansion-is-working-for-now">The Adidas Yeezy Line Expansion Is Working...For Now</a>
<a href="https://www.benzinga.com/news/17/11/10813099/how-changing-trends-resurrected-fila-as-a-fashion-brand">How Changing Trends Resurrected FILA As A Fashion Brand</a>

Analyst Color

Price Target

Reiteration

Analyst Ratings

Cowen: Profit Growth Will Be Tough For Foot Locker In 2020

One of the most noticeable shifts in women&#39;s fashion has been the embrace of athleisure and sneakers.
Still, many analysts believe the industry has significantly underperformed in serving the female athlete &mdash; and that the category could serve as a catalyst moving forward.
While female participation in sports is nearly on par with men, they still account for less than 30% of sales at the major global athletic brands, Wells Fargo analyst <a href="https://www.tipranks.com/analysts/tom-nikic">Tom Nikic </a>said in a note earlier this month.
&ldquo;We believe this disparity has been driven by a lack of focus on the female customer by the major brand, as the strong multiyear performance by female-oriented brands such as Lululemon and Athleta demonstrates an appetite for sportswear on the part of women,&rdquo; the analyst said.
<h3>Women&#39;s Products Drive Results For Puma</h3>
Nikic did say the tide is turning &mdash; and increasing engagement with female customers will lead to strong growth for the athletic industry over the medium-to-long term.
Puma AG Rudolf Dassler Sport (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>) has laid the groundwork for other brands to follow, he said.
The company&#39;s focus on the female consumer &mdash; starting in 2015 with its partnership with Rihanna &mdash; has brought the brand back to relevance and driven strong results over the past three to four years, the analyst said.
Adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) has followed suit, recently announcing a collaboration with Beyonc&eacute;, who Nikic said could reignite the women&rsquo;s business, potentially adding a 300-basis point tailwind to consolidated sales growth next year.
Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) has already experienced an inflection in their women&rsquo;s business, he said.
&quot;We believe they can sustain momentum through a combination of female-exclusive sneaker silhouettes, increased focus on key women&rsquo;s categories, compelling marketing and strong partnerships (e.g. the World Cup champion U.S. Women&rsquo;s soccer team).&quot;
Under Armour Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uaa#NASDAQ">UAA</a>) has worked hard to shift the perception of its brand as an overly masculine one, with its recent marketing efforts emphasizing the increasingly dual-gender nature of the product assortment, Nikic said.
Despite most of the major brands altering their strategy to appeal to the women&rsquo;s side of the business, Nikic does not see this as a risk to the growth of a clear-cut women&rsquo;s favorite: Lululemon Athletica inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lulu#NASDAQ">LULU</a>).
&quot;We believe it is a &lsquo;rising tide&rsquo; situation that will benefit the industry broadly, and LULU continues to have a wide array of company-specific growth drivers,&quot; he said.
<h3>&#39;Not Making Products For The Average Woman&#39;</h3>
The brands that are doing best are vertically integrated, said Matt Powell, a sports industry analyst at The NPD Group.
They include Lululemon, Gap Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gps#NYSE">GPS</a>)&#39;s Athleta,&nbsp;Old Navy and smaller brands like Outdoor Voices. They &quot;really understand how the female athlete shops and what her needs are,&quot; Powell said.
A central issue in women&#39;s offerings has been a limited number of sizes, he said.
&quot;Our data shows the average woman in the United States is a size 16. The industry has not been making products for the average woman.&quot;
Brands only offering small, medium, large and XL sizes are only addressing one-third of the available market, Powell said.
The company ThirdLove sells 76 bra sizes, Powell said &mdash; and most athletic brands sell just four.
<h3>An Opportunity In Footwear</h3>
Few brands make women&#39;s shoes, and those that do are largely successful, Powell said.&nbsp;Making women&#39;s shoes a smaller version of men&#39;s is a missed opportunity.
&quot;The<a href="https://www.benzinga.com/news/17/11/10813099/how-changing-trends-resurrected-fila-as-a-fashion-brand"> Fila Disruptor</a> was aimed at the female customer and it was a huge win. With Puma, the <a href="https://www.benzinga.com/news/17/03/9122097/puma-exec-talks-turnaround-retro-trends-and-sales-performance-not-a-fly-by-night-">Rihanna partnership</a> really put them on the map. It showed them if they can make products specific for women they can win.&quot;
Skechers USA Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/skx#NYSE">SKX</a>) is geared toward female customers and is a big player&nbsp;the segment, he said.
Brands must create extended sizes, both plus and petite, and design products specifically for women, Powell said.
Another factor: finding the retail brand that can carry a product nationally.
In Powell&#39;s view, the best candidates are likely mid-market players like Kohl&#39;s Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/kss#NASDAQ">KSS</a>) and Designer Brands Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbi#NYSe">DBI</a>).
Among the&nbsp;<a href="https://www.benzinga.com/news/19/02/13131147/nikes-tanjun-was-the-bestselling-shoe-of-2018-mid-market-footwear-dominates-top-">top-selling shoes of the last two years</a>, the mid-market <a href="https://www.benzinga.com/news/18/02/11172069/nike-back-on-top-with-best-selling-shoe-of-2017">Nike Tanjun</a>&nbsp;was sold primarily to women.
Overall, men&rsquo;s apparel brands have a chance to capitalize on the growth potential of the women&rsquo;s business, Powell said.
&quot;They aren&rsquo;t going to get to do by doing what they have been doing. They have to come out with product in a whole different way.&quot;
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/07/14050569/why-this-analyst-is-cautious-on-lululemon-carters">Why This Analyst Is Cautious On Lululemon, Carter&#39;s</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/07/14104354/wall-street-optimistic-on-skechers-after-record-q2">Wall Street Optimistic On Skechers After Record Q2</a>

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Interview

LULU

Analysts: Athletic Brands Aren't Making Enough Products For Women

The battle between Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) and Adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) for sportswear supremacy remains one of the greatest rivalries in sports.
Amid the fierce brand competition, a new report from Cowen outlines&nbsp;a path higher for both stocks while suggesting that Nike maintains the upper hand.
<h3>The Analyst</h3>
Cowen analyst John Kernan maintains an Outperform rating on Adidas and with a 225-euro ($254.17) price target.
The analyst maintains an Outperform rating on Nike and raised his price target to $92.
<h3>The Thesis</h3>
Nike is accelerating, while adidas is using its Yeezy line to boost growth in a promotional North American market, Kernan said in a Monday note.&nbsp;
<h3>NMD Is Slowing For Adidas;&nbsp;Yeezy, Ultraboost Should Sustain Growth</h3>
Adidas&rsquo; NMD franchise is tempered, and more innovation is being undertaken&nbsp;to close a valuation discount to Nike that has reached its highest in 10 years, the analyst said.&nbsp;
Still, the Ultraboost and Yeezy franchise momentum should drive high-single digit revenue growth in the fourth quarter, and both franchises should sustain growth in North American wholesale, Kernan said.
Adidas is set to report its fourth-quarter earnings Wednesday.&nbsp;
<h3>Adidas: 300-Euro Stock In Sight?&nbsp;</h3>
Adidas stock is cheap given its potential, Kernan said. The expansion of its <a href="https://www.sporttechie.com/nhl-all-stars-adidas-parley-jerseys-recycled-ocean-plastic/">Parley apparel line</a> is another large-scale 2019 activation, as are more speed-enabled products that will support higher price points, he said.&nbsp;
&ldquo;We do not think it is out of the question that management holds an investor day in the next 12 months to update targets as we approach 2020 &mdash;&nbsp;having already raised the 2020 operating margin target to 11.5 percent.&quot;&nbsp;
Cowen projects a long-term EPS of 13-euros-plus and a 300-euro-plus stock price.&nbsp;
<h3>Sneakerhead Hype, Instagram Driving The Market</h3>
Cowen predicts North American revenues for Nike will grow 9 percent, driven equally by apparel and footwear. Recent channel checks from Foot Locker, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fl#NYSE">FL</a>) give the firm confidence Nike will sustain the momentum from its big second-quarter earnings beat, Kernan said.&nbsp;
Nike continues to see significant momentum and high sell-throughs across Air Max 270, VaporMax Flyknit, Jordan and other Air franchises, the analyst said. Adidas&#39; segmentation needs to evolve within certain franchises, &ldquo;as high-end boutique partners are concerned over the pace of promotions in mid-tier channels,&quot; he said.&nbsp;
&ldquo;The entire market has become very &lsquo;drop&rsquo;-driven, with perception being driven by Instagram and [the] strength in resale market. Nike execution around managing its massive archive of product and relaunching with tightly controlled supply-demand balance continues to drive consumer engagement and full price sell through.&quot;&nbsp;
On the other hand, the analyst says many Adidas franchises look promotional and less competitive. The company&rsquo;s <a href="https://www.amazon.com/Shoes-Project-Disrupting-Traditional-Production-ebook/dp/B07GBGFHVB">4D franchises continue to create buzz </a>on a smaller scale given their limited distribution, and Yeezy is showing high sell-through in&nbsp;the digital space.
The analyst said&nbsp;it will be critical to keep Yeezy franchise at full price and<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/13077641/the-adidas-yeezy-line-expansion-is-working-for-now"> not&nbsp;push too heavily into North American</a> wholesale partners.
<h3>Adidas Basketball: Zion Coming?</h3>
Cowen also suspects that Yeezy will make a large scale push into basketball in 2019 to compete with Nike and Puma.
&ldquo;There is also buzz that adidas is making a major push for <a href="https://www.benzinga.com/news/19/02/13221253/as-zion-williamson-falls-so-do-nike-shares">Zion Williamson</a>,&quot; Kernan said.&nbsp;
<h3>Price Action</h3>
Nike shares were down 0.43 percent at the close Tuesday, while adidas&#39; over-the-counter stock was down 0.45 percent.
Related Links:
<a href="https://www.benzinga.com/news/19/03/13282066/what-broken-shoe-nike-shares-rally-brand-named-most-valuable-after-zion-williams">What Broken Shoe? Nike Shares Rally, Brand Named Most Valuable After Zion Williamson Incident</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/02/13189552/cowen-pumas-q4-strength-bodes-well-for-nike-adidas-earn">Cowen: Puma&#39;s Q4 Strength Bodes Well For Nike, Adidas Earnings</a>

Cowen Says Nike Has The Edge On Adidas, But Both Stocks Have Upside Ahead

Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>)&#39;s Zion Williamson debacle sure blew over fast.
Just under two weeks after the exploding shoe incident, the company was named the <a href="https://www.aol.com/article/finance/2019/02/27/nike-ranked-most-valuable-apparel-brand/23679576/">most valuable apparel brand </a>by Brand Finance and shares&nbsp;hit all-time high territory.
Although Williamson&rsquo;s injury<a href="https://www.google.com/search?q=zion+williamson+benzinga&amp;oq=zion+williamson+benzinga&amp;aqs=chrome..69i57j0l5.2711j0j4&amp;sourceid=chrome&amp;ie=UTF-8"> related to his Nike shoe failure&nbsp;</a>may have blown over in the public&rsquo;s mind, the incident will likely resurface when the expected top draft pick goes to sign an endorsement deal.
<h3>Nike&#39;s New Competition For Endorsements</h3>
Nike has long been seen as the frontrunner to sign Williamson come summertime, but some have seen this incident as giving him more leverage when it comes to contract negotiations, with the brand looking to avoid a PR mishap.
&ldquo;Nike is required at this point to do whatever it takes to sign him in order to avoid what would be a much larger PR disaster from the company,&rdquo; Darren Heitner, a sports attorney and founder of<a href="https://www.thesports.biz/"> The Sports Biz</a>, told Benzinga.
&ldquo;There would be some damage to Nike&rsquo;s reputation if he signed with a competitor.&quot;
A recent Twitter <a href="https://twitter.com/BrettEvan3/status/1099041660783087616">poll conducted by Benzinga</a>&nbsp;shows the public still feels confident that Nike will sign Williamson despite&nbsp;increased competition for basketball endorsements,&nbsp;with Puma AG Rudolf Dassler Sport (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>)&nbsp;and New Balance entering the market in the last year.
<h3>&#39;A Non-Event&#39;</h3>
Matt Powell of the NPD Group said&nbsp;that Williamson will sign with whichever company&nbsp;pays him the most money, and is adamant that this is a non-issue.
&ldquo;This is an isolated incident, one that is not going to factor into Zion&rsquo;s decision,&rdquo; Powell told Benzinga.
&ldquo;It&rsquo;s certainly embarrassing, [but] in terms of it being material to the business of the company, it&#39;s a non-event.&rdquo;
Nike shares closed up 1.9 percent at $87.16 Friday.
Related Links:&nbsp;
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/02/13189552/cowen-pumas-q4-strength-bodes-well-for-nike-adidas-earn">Cowen: Puma&#39;s Q4 Strength Bodes Well For Nike, Adidas Earnings</a>
<a href="https://www.benzinga.com/news/19/02/13131147/nikes-tanjun-was-the-bestselling-shoe-of-2018-mid-market-footwear-dominates-top-">Nike&#39;s &#39;Tanjun&#39; Was The Bestselling Shoe Of 2018; Mid-Market Footwear Dominates Top 10</a>
Photo credit: <a href="https://www.flickr.com/photos/96619173@N03/44429178530">Keenan Hairston</a>, Flickr

What Broken Shoe? Nike Shares Rally, Brand Named Most Valuable After Zion Williamson Incident

Puma AG Rudolf Dassler Sport (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>) announced a record-breaking long-term deal&nbsp;with Manchester City.
The German sportswear brand and City Football Group have signed a global long-term partnership worth<a href="https://www.cnbc.com/2019/02/28/puma-signs-860-million-partnership-with-manchester-city.html"> $860 million</a> that will see Puma supply the reigning English premier League champions, alongside its sister clubs in Australia, Spain, Uruguay and China.
&ldquo;PUMA&rsquo;s partnership with City Football Group is the largest deal that we have ever done &mdash; both in scope and ambition,&rdquo; Puma CEO&nbsp;Bj&oslash;rn Gulden said in a statement.
&ldquo;We look forward to building the most innovative partnership in football by redefining the sports partnership model both on and off the pitch. We want to maximize on-field performance as well as football culture&nbsp;in areas such as music, gaming and fashion to connect and inspire the fan base of each team.&rdquo;
Puma is expected to take over Manchester City&rsquo;s current deal from Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) in July. The company recently lost its deal <a href="https://www.cnbc.com/2018/10/09/adidas-agrees-reported-391-million-deal-to-produce-arsenal-soccer-kits.html">with Arsenal</a>, another Premier League team, to rival Adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>).<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/12973591/cowen-weighs-pumas-market-share-opportunity-against-pot"> </a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/12973591/cowen-weighs-pumas-market-share-opportunity-against-pot">Puma</a> has shown a commitment to being taken more seriously in performance footwear, becoming a legitimate contender in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/06/11902763/puma-takes-over-nba-draft-conversation-with-basketball-">NBA endorsements in the past year</a>.
&ldquo;This announcement marks the start of an exciting new chapter for City Football Group,&rdquo; said CEO Ferran Soriano.
&ldquo;Our relationship with PUMA, covering five City Football Group clubs across four continents, will reset the model for sports partnerships on a truly global scale whilst being locally relevant and authentic for fans around the world. PUMA share our vision for challenging expectations, and we are looking forward to what we believe will be a groundbreaking partnership.&rdquo;
Related Links:&nbsp;
<a href="https://www.benzinga.com/news/17/11/10748428/exclusive-adidas-president-mark-king-discusses-being-at-the-intersection-of-perf">Exclusive: Adidas President Mark King Discusses Being At The Intersection Of Performance And Fashion</a>
<a href="https://www.benzinga.com/news/17/03/9122097/puma-exec-talks-turnaround-retro-trends-and-sales-performance-not-a-fly-by-night-">Puma Exec Talks Turnaround, Retro Trends And Sales Performance: &#39;Not A Fly-By-Night Success</a>

Contracts

After Losing Arsenal, Puma Signs Record-Breaking Deal With Manchester City

Puma AG Rudolf Dassler Sport (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>) remains<a href="https://www.benzinga.com/news/17/07/9784502/puma-the-fastest-growing-company-in-the-footwear-industry-raises-2017-guidance"> one of the hottest brands in athletic apparel.</a>
The German sportswear brand finished its fiscal year with strong brand momentum after surpassing the <a href="https://footwearnews.com/2019/business/earnings/puma-earnings-q4-2018-full-year-sales-1202744798/">2 billion-euro sales mark for the first time</a>, but the company issued a conservative EBIT outlook heading into 2019.
Puma is gaining share everywhere, and the initial FY19 guidance is fairly conservative,&nbsp;Cowen analyst John Kernan said in a Friday note.&nbsp;
&ldquo;Puma is experiencing robust geographic strength in both Asia Pacific and the Americas, two markets slated for outsize growth,&rdquo; the analyst said. &ldquo;Puma management commented on its Q4 earnings call that its business in China, which grew 48.6 percent&nbsp;ex-FX in FY18, is showing no signs of a slowdown.&quot;&nbsp;
Apparel remains the fastest-growing category for Puma, but footwear also showed meaningful acceleration in Q4, Kernan said, adding that he also expects strong results from Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) and Adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) in March.
<h3>Womens,&nbsp;Basketball A Point Of Strength&nbsp;</h3>
Puma&rsquo;s womens segment is a point of strength, and basketball is incremental to brand awareness, Kernan said
The launch of the Selena Gomez &quot;Strong Girl&quot; collection in the second half of 2018 contributed to strength in apparel, and Puma is also launching a sports cosmetics line with Maybelline that features Adriana Lima, the analyst said.&nbsp;
Puma also announced this week that it has signed a<a href="https://www.forbes.com/sites/demetriusbell/2019/02/13/the-nba-and-puma-enter-into-multiyear-marketing-agreement/"> multiyear partnership with the NBA</a>, furthering its push into basketball after <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/06/11902763/puma-takes-over-nba-draft-conversation-with-basketball-">relaunching the category ahead of the NBA season.</a>
&ldquo;The basketball relaunch helps Puma&#39;s authentic push into performance sports, especially in the U.S.,&quot; Kernan said.&nbsp;
While Puma&rsquo;s multiples are not cheap, estimates should move higher, the analyst said. Cowen maintains a Market Perform rating on the company with a 454-euro ($515.09) price target on European shares.
<h3>Puma Is Fairly Valued&nbsp;</h3>
Wedbush analyst Christopher Svezia is&nbsp;slightly less bullish on Puma, and said&nbsp;in a Friday note that the company&nbsp;is winning &mdash; but with no trophy &mdash;&nbsp;with its FY19 EBIT guide.
&ldquo;In all, management is executing and Puma is likely to see another year of outperformance, but with shares trading at 29x our FY19 EPS estimate, the company appears fairly valued at this time,&rdquo; the analyst said.&nbsp;
Wedbush maintains a Neutral rating on Puma and&nbsp;lowered his price target for&nbsp;European shares from 465 euros to 450 euros.&nbsp;&nbsp;
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/12973591/cowen-weighs-pumas-market-share-opportunity-against-pot">Cowen Weighs Puma&#39;s Market Share Opportunity Against Potential Athletic Apparel Slowdown, European Concerns</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/07/11973344/lebrons-move-to-los-angeles-what-it-means-for-nike-adid">LeBron&#39;s Move To Los Angeles: What It Means For Nike, Adidas And Puma&nbsp;</a>
Photo courtesy of Puma.&nbsp;

Cowen: Puma's Q4 Strength Bodes Well For Nike, Adidas Earnings

Amid the rise of sportswear and the fall of performance apparel, Puma AG Rudolf Dassler Sport (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>)&nbsp;the quintessential casual sportswear brand, is properly positioned for the trend, according to Cowen.&nbsp;
<h3>The Analyst&nbsp;</h3>
Analyst John Kernan initiated&nbsp;coverage of Puma&#39;s German&nbsp;stock with a&nbsp;Market Perform rating and &euro;454.00 ($520.71) price target.
<h3>The Thesis</h3>
Puma&rsquo;s global relevancy is rising and the brand is reaching an inflection point, Kernan said in the Friday initiation note.&nbsp;
The arrival of CEO Bjorn Gulden, other key management additions, collaborations and the rollout&nbsp;of the brand&rsquo;s &ldquo;Forever Faster&rdquo; strategy come at the same time as a &quot;massive&quot;&nbsp;inflection in the brand&rsquo;s execution, product cycle and engagement with consumers, the analyst said.&nbsp;
<a href="https://www.benzinga.com/stock/pmmaf">Puma shares</a> have gained 128 percent since December 2015.&nbsp;&nbsp;
A competitive global footwear market is the company&rsquo;s biggest risk, but luckily for Puma, growth in apparel is now&nbsp;outpacing footwear.
Puma is showing the highest growth in Cowen&#39;s coverage list&nbsp;excluding Lululemon Athletica inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lulu#NASDAQ">LULU</a>), and this illustrates the brand&#39;s potential for disruption and market share gains, Kernan said.&nbsp;
Puma has &quot;modest&quot; brand preference scores, but the company has an opportunity to take market share in athletic apparel and footwear, and athletic and cultural influencers are helping raise awareness of the brand, he said.&nbsp;
&ldquo;High-profile collaborations with Rihanna, Selena Gomez and the naming of<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/06/11902763/puma-takes-over-nba-draft-conversation-with-basketball-"> Jay-Z to head of basketball </a>increases brand relevancy, along with the future 24,000-square-foot flagship on Fifth Avenue in NYC,&rdquo; the analyst said. &ldquo;We see significant door expansion opportunity in the U.S. wholesale channel.&rdquo;
The threat of an athletic apparel slowdown keeps the analyst at a Market Perform rating, with concern over the European trajectory heading into 2019 weighing on sentiment.
<h3>The Price Action&nbsp;</h3>
Over-the-counter Puma shares were trading up 0.46 percent at $531 at the time of publication Monday.&nbsp;
Related Links:
<a href="https://www.benzinga.com/news/19/01/12922445/legal-betting-lebron-kaepernick-and-tigers-comeback-the-year-in-sports-business">Legal Betting, LeBron, Kaepernick And Tiger&#39;s Comeback: The Year In Sports Business&nbsp;</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/07/11973344/lebrons-move-to-los-angeles-what-it-means-for-nike-adid">LeBron&#39;s Move To Los Angeles: What It Means For Nike, Adidas And Puma&nbsp;</a>
Photo courtesy of Puma.&nbsp;

Initiation

Cowen Weighs Puma's Market Share Opportunity Against Potential Athletic Apparel Slowdown, European Concerns

It was a year of comebacks and new beginnings in the sports world.
<h3>Legal Sports Betting&nbsp;</h3>
Led by New Jersey, the<a href="https://www.benzinga.com/news/18/04/11559879/a-decision-worth-billions-a-supreme-court-ruling-on-legal-sports-betting-could-a"> reversal of PAPSA</a>&nbsp;in 2018&nbsp;&mdash; the federal ban on sports betting &mdash; laid the groundwork for states to unveil legalized gambling, forever changing the landscape of sport in the country.
&quot;Overall it&#39;s a good thing for the teams and leagues. There are a lot of sports media companies that provide data and analysis to consumers that will benefit and new networks [for bettors]&nbsp;will emerge,&quot; sports attorney <a href="https://www.benzinga.com/government/18/05/11706980/what-the-supreme-courts-sports-betting-ruling-means-for-states-leagues-and">Darren Heitner told Benzinga</a> after the Supreme Court ruling.
&quot;It will also draw more fans to the stadium. I think there is a real possibility to see betting at the actual game.&rdquo;
The rise in interest in legal sports betting also prompted a move from longtime <a href="https://www.washingtonpost.com/sports/2018/11/26/darren-rovell-planning-leave-espn-gambling-start-up-action-network/?noredirect=on">ESPN sports business reporter Darren Rovell</a> to move to the Action Network, a newly launched sports betting media platform.
<h3>Vegas Turns Pro</h3>
Along with legal sports betting, 2018 saw the rise of professional sports in Las Vegas, with the Golden Knights making an improbable run to the Stanley Cup Finals in the team&#39;s&nbsp;first year. The Golden Knights&#39;<a href="https://thecomeback.com/nhl/vegas-golden-knights-enjoying-big-attendance-numbers-plan-raise-season-ticket-prices.html"> strong attendance</a> and passionate fan base proved that Las Vegas is a viable sports town.
The Oakland Raiders are <a href="https://www.si.com/nfl/2018/12/16/oakland-raiders-stadium-2019-san-francisco-49ers-san-diego-las-vegas">set to move to Sin City in 2020</a>.
<h3>LeBron Goes West&nbsp;</h3>
Undoubtedly, one of the biggest stories of the year was LeBron James&#39; move to the Los Angeles Lakers. Following a Game One&nbsp;mishap from JR Smith,&nbsp;James&#39; decision to leave Cleveland wasn&rsquo;t too surprising &mdash; but it still <a href="https://www.cleveland.com/cavs/index.ssf/2018/10/tyronn_lue_seeing_lebron_is_la.html">took some getting used to seeing James in purple and gold.</a>
James&nbsp;immediately made the <a href="https://www.goldenstateofmind.com/2018/12/25/18155978/2018-nba-scores-lakers-beat-warriors-lebron-james-kevin-durant-steph-curry">Lakers a Championship contender</a>, but &quot;decision two&quot;&nbsp;was clearly about more than basketball.
&quot;Pairing LeBron with Magic Johnson [and] a guy like Lakers GM Rob Pelinka &mdash; that is a win. They will have his back in business decisions, cross promotion and marketing,&rdquo; basketball writer Oliver Maroney told Benzinga<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/07/11973344/lebrons-move-to-los-angeles-what-it-means-for-nike-adid"> over the summer</a>.
<h3>Tiger&#39;s Return&nbsp;</h3>
Tiger Woods&#39; remarkable comeback prompted&nbsp;renewed interest in golf at a time when the sport was desperately missing its biggest icon. After nearly winning his 15th major at the PGA Championship, Woods closed out the season with a victory at the Tour Championship in Atlanta.
The golfing legend later faced off with Phil Mickelson in The Match for $9 million, losing in a questionable ending. The primetime golf event proved to be a success despite experiencing streaming difficulties, with a&nbsp;<a href="https://deadline.com/2018/12/tiger-woods-phil-mickelson-the-match-golf-turner-1202526352/">two-year extension in the works</a> that may could include a different format and additional players.
Prior to The Match,<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/11/12741231/the-match-pay-per-view-golf-may-be-a-first-but-primetim"> SDSU Sports Business Professor Jim Lackritz told Benzinga</a>: &quot;golf is sticking its toe in the water to see if something like this will fly and take advantage of Tiger&#39;s resurgence, because Tiger&#39;s popularity is 10 standard deviations higher than anyone else.&rdquo;
The year also saw the announcement of&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/11/12766131/tiger-woods-discovery-strike-content-partnership">GolfTV</a>, a streaming golf service from DISCOVERY COMMUNICATIONS INC. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/disca#NASDAQ">DISCA</a>), which signed a streaming content partnership deal with Woods.
<h3>The Year In Sportswear&nbsp;</h3>
Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) staged a strong comeback in 2018, as the company continues to fend off increasing competition from a surging Adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>) in North America.
In a year dominated by the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/06/11916345/ubs-shift-from-performance-to-sportswear-a-dominant-the">athleisure trend</a>, the big three&nbsp;sportswear brands outperformed the market as a whole, with Under Armour Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uaa#NASDAQ">UAA</a>) leading the way as the best-performing athletic apparel brand.&nbsp;
Nike&rsquo;s partnership with Colin Kaepernick was the dominant headline in sportswear in 2018.&nbsp;
In the Q2 earnings report that included sales following the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/09/12371823/nikes-colin-kaepernick-ad-had-the-intended-effect-canac">Kaepernick &quot;Just Do It&quot; campaign,</a> Nike revenue <a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/12/12890652/nike-leads-dow-after-rock-solid-q2-report-a-sell-side-r">grew 9 percent in North America</a>. Nike was named <a href="https://www.adweek.com/agencies/u-s-agency-of-the-year-wieden-kennedys-work-resonated-even-in-a-divided-america/">&quot;Marketer Of The Year&quot;&nbsp;by Ad</a><a href="https://adage.com/article/cmo-strategy/nike-ad-age-s-marketer-year-2018/315795/">&nbsp;Age </a>after the controversial <a href="https://www.cnbc.com/2018/09/14/nikes-kaepernick-ad-should-fuel-sales-as-retailer-knows-its-consumer.html">ad created hundreds of millions of dollars in media value</a> for the brand.
Consumers want brands to take a stand on social issues, and a small minority of them are opposed to Nike,&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/09/12302273/what-the-kaepernick-campaign-means-for-nike">NPD Group analyst Matt Powell&nbsp;told Benzinga</a>.
&ldquo;Millenials and Gen Z are aligned with Nike&rsquo;s position here, so I think they understand who their customer is and are aligned with them. We know from surveys these generations are much more liberal, much more progressive in their thinking and much more diverse ethnically. It&#39;s logical that they are really aligning with that demographic.&quot;
With retro fashion dominating trends in 2018, the year saw many legacy endorsers signing lifetime deals with brands. FILA, one of the <a href="https://www.benzinga.com/news/17/11/10813099/how-changing-trends-resurrected-fila-as-a-fashion-brand">biggest beneficiaries</a> of the retro trend resurgence, signed a <a href="https://sneakerbardetroit.com/fila-grant-hill-lifetime-deal/">lifetime contract with Grant Hill</a>.
Adidas inked a lifetime contract with<a href="https://wwd.com/accessories-news/footwear/adidas-originals-signs-stan-smith-to-lifetime-deal-1202927043/"> tennis legend&nbsp;Stan Smith</a>, and Puma signed&nbsp;Walt Clyde Frazier to a <a href="https://footwearnews.com/2018/focus/athletic-outdoor/puma-deandre-ayton-walter-clyde-frazier-signs-deal-1202575700/">lifetime deal</a>&nbsp;as part of its&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/06/11902763/puma-takes-over-nba-draft-conversation-with-basketball-">comeback to basketball </a>after a 20-year absence from the sport.
Related Links:&nbsp;
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/01/12910198/the-year-in-retail-struggling-department-stores-a-smart">The Year In Retail: Struggling Department Stores, A Smartwatch Success And Predictions</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/07/11973344/lebrons-move-to-los-angeles-what-it-means-for-nike-adid">LeBron&#39;s Move To Los Angeles: What It Means For Nike, Adidas And Puma</a>
Screenshot courtesy of Nike.&nbsp;

DISCA

Legal Betting, LeBron, Kaepernick And Tiger's Comeback: The Year In Sports Business

Under Armour Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uaa#NYSE">UAA</a>) shares have quietly staged&nbsp;a comeback this year after ending 2017 as the <a href="https://www.forbes.com/sites/laurengensler/2017/12/22/the-worst-stocks-of-2017-under-armour-general-electric-mattel/#7811518a735b">third-worst performer in the S&amp;P 500</a>.
The Baltimore-based apparel brand&#39;s shares have roared back over 44 percent year-to-date, but the sentiment still appears to reflect the <a href="https://www.businessinsider.com/under-armour-is-facing-an-identity-crisis-2018-7">brand&#39;s lack of identity</a> or<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/05/11618726/under-armours-existential-crisis-niche-player-or-global"> presence in a sportswear-dominant cycle</a>.
<h3>Wedbush: Risks Remain</h3>
Under Armour finally reported good news Thursday with a second-quarter earnings beat, but the company issued weak 2018 earnings guidance.
Wedbush analyst Christopher Svezia called it a &quot;low-quality sales beat&quot; driven by the off-price channel rather than brand momentum in a Friday note.&nbsp;
&ldquo;Brand challenges and risks to the outlook remain, including uncertainty around a real inflection in North America, distribution&nbsp;and product acceptance, including at full prices after reliance on the off-price channel,&rdquo; the analyst said.&nbsp;
Under Armour is not without significant North American competition, with Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) staging a comeback, <a href="https://www.benzinga.com/news/18/07/12053580/nostalgia-for-1990s-fashion-a-boon-for-smaller-sneaker-brands">Reebok seeing momentum</a>, and Champion,<a href="https://www.benzinga.com/news/17/11/10813099/how-changing-trends-resurrected-fila-as-a-fashion-brand"> Fila</a>, adidas AG (ADR) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>), <a href="https://www.benzinga.com/news/17/07/9784502/puma-the-fastest-growing-company-in-the-footwear-industry-raises-2017-guidance">Puma</a>&nbsp;AG Rudolf Dassler Sport (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>), New Balance, and VF Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vfc#NYSE">VFC</a>)&rsquo;s Vans gaining share, Svezia said.&nbsp;
A lack of visibility will likely remain until Under Armour&#39;s investor day in December, according to Wedbush. The firm remais Neutral on the stock with an $18 price target.&nbsp;
<h3>Credit Suisse Stays Neutral, Sees Signs Of Progress</h3>
Credit Suisse analyst Michael Binetti also maintained a Neutral rating on Under Armour with a&nbsp;price target lifted from $21 to $23.
One bright spot was a 15-percent year-over-year&nbsp;acceleration of growth in footwear revenue&nbsp;in Q2, up from just 1 percent in Q1, the analyst said.
Under Armour seems optimistic on the Curry and HOVR footwear lines, Binetti said.
The apparel company has made substantial progress with its inventory problem, with inventories up 11 percent in Q2 &mdash;&nbsp;down from 27 percent in the first quarter, the analyst said. Credit Suisse expects Under Armour to end 2018 with inventory in the low single digits.&nbsp;
&ldquo;With sales generally stabilizing, costs under control and inventory improving, from here we think UAA needs to create buy-in for a solid pace of GM recovery for EPS to move higher,&rdquo; Binetti said.&nbsp;
<h3>Price Action</h3>
Under Armour shares were down 6.58 percent at $20.60 at the close Friday.
Related Links:
<a href="https://www.benzinga.com/news/18/07/12053580/nostalgia-for-1990s-fashion-a-boon-for-smaller-sneaker-brands">Nostalgia For 1990s Fashion A Boon For Smaller Sneaker Brands</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/12/10855332/a-post-sneaker-world-how-small-footwear-brands-are-beat">A Post-Sneaker World: How &#39;Small&#39; Footwear Brands Are Beating The Giants</a>
Photo courtesy of Under Armour.&nbsp;

Under Armour: The Comeback No One's Talking About

Celebrity endorsements aren&#39;t what they used to be.
The reliance of athletic brands on signing the biggest stars in their respective sports in hopes that they will in turn help push product has become a broken marketing model.
Just ask Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>), which has arguably the greatest female athlete of all time In Serena Williams &mdash; but that doesn&#39;t mean she&#39;s influencing purchasing decisions.
The culture of female empowerment isn&rsquo;t tied to athletes, <a href="https://www.marketwatch.com/story/nike-needs-real-people-not-just-serena-williams-to-sell-to-women-2018-07-02">said&nbsp;Agathe Blanchon-Ehrsam</a>, chief marketing officer of business consultancy and branding company Vivaldi.
&ldquo;We&rsquo;ve seen that women are motivated by being part of a movement, by participating in a lifestyle &mdash; not necessarily by the performance of top athletes,&rdquo; she said.
Men&rsquo;s tennis star Roger Federer&nbsp;left <a href="http://www.benzinga.com/analyst-ratings/analyst-color/18/06/11958376/a-clear-comeback-nike-stock-hits-all-time-high-after-q4">Nike</a> for Japanese apparel brand Uniqlo, in a deal&nbsp;worth<a href="http://www.cityam.com/288879/wimbledon-2018-roger-federers-300m-uniqlo-deal-tells-us"> $30 million annually over the next 10 years</a>&nbsp;&mdash; whether or not he plays tennis in the future.
&ldquo;What we are realizing is that the paid endorser model is simply broken. Fans know that athletes and celebrities are paid to wear products, and only wear them because they are paid. Celebrities&rsquo; relationships with brands are based on compensation, and not on any true emotional attachments,&rdquo;<a href="https://www.npd.com/wps/portal/npd/us/blog/2018/sneakernomics-celebrity-endorsements-and-sports-retail/"> said NPD Group&#39;s Matt Powell</a>.
<h3>Ayton: &#39;Business Is Business&#39;</h3>
Consumers have begun to view pay-to-wear deals as inauthentic, and celebrities are often&nbsp;endorsing what they&#39;re simply paid to wear.
DeAndre Ayton, who recently signed with Puma (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pmmaf#OTC">PMMAF</a>), wasn&rsquo;t shy about admitting to the reason he signed with the German brand, which is attempting to<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/06/11902763/puma-takes-over-nba-draft-conversation-with-basketball-?viewDesktop=1"> re-enter the basketball footwear market</a>.
&ldquo;Nike is Nike. Adidas is Adidas. I&rsquo;ve played in their circuits and stuff like that, but now it&rsquo;s a business. You don&rsquo;t want just product. You&rsquo;re not a kid anymore. You&rsquo;re really trying to get bank,&rdquo;<a href="http://bleacherreport.com/articles/2781677-br-kicks-exclusive-deandre-ayton-and-marvin-bagley-iii-talk-signing-with-puma">&nbsp;Ayton&nbsp;told Bleacher Report</a>. &ldquo;Of course, if Adidas is giving you like $2 mil and Nike is giving you $1 mil, who would you pick? If you have history or chemistry with Nike, I can see that. But when it comes to business, business is business.&rdquo;
<h3>The Micro-Influencer Approach</h3>
The alternative could be to pay online niche influencers, who brands can sign for significantly less money and who appear to have a more honest approach to endorsements.
The influencers who tend to have the most impact appear to be more authentic, and micro-influencers tend to be more authentic than A-list celebrities, Powell said.
&ldquo;Brands think it&rsquo;s a simple transaction that you pay somebody a couple million bucks and it turns the fortunes of your business around,&rdquo; Powell said.&nbsp;&ldquo;But I think the relationship with the consumer is much more complicated than that.&rdquo;
Smaller footwear brands Pony, FILA and KSwiss are going the influencer route to differentiate themselves from major brands and appeal to a different consumer base. While some influencers may not have the follower count of a&nbsp;celebrity, their influence and engagement can be significant.
K Swiss President Barney Waters said the brand is looking to connect with audiences on a personal level through entrepreneurship. The brand made a signature shoe for social media influencer and entrepreneur champion&nbsp;Gary Vaynerchuk&nbsp;in a risky move that ultimately paid off handsomely.
&ldquo;There&rsquo;s a real danger in sneaker culture where all of the brands are going after the same small group of people,&rdquo; <a href="https://footwearnews.com/2018/focus/opinion-analysis/influencer-marketing-brand-strategies-tips-1202580229/">Waters told Footwear News</a>. &ldquo;When I came on board [as president in 2016], I realized I&rsquo;m not going to win if I&rsquo;m the eighth brand knocking on the same door.&rdquo;
Related Links:
<a href="https://www.benzinga.com/news/17/08/9978297/are-athletic-endorsements-worth-it-anymore">Are Athletic Endorsements Worth It Anymore?</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/07/11973344/lebrons-move-to-los-angeles-what-it-means-for-nike-adid?viewDesktop=1">LeBron&#39;s Move To Los Angeles: What It Means For Nike, Adidas And Puma</a>

Psychology

Micro-Influencers: A Growing Component Of Apparel Brand Strategy

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