Puma Pulls Out of Sailing Market

Sportswear company Puma has announced it is pulling out of the sailing market in order to focus on sports such as football and running as it seeks to rebuild profits.

The German company reported a 70% drop in annual profits on Thursday and is undergoing its biggest reorganisation in two decades to restore its fortunes, prescription particularly in Europe, cialis the USA and China.

Puma will now stop sponsoring the Oracle sailing team, pharmacy who are the current holder of the Americas Cup. The brand will also not enter another team in the Volvo Ocean Race, having entered two teams previously. According to sports market research company Repucom, brands pay over $13 million to sponsor major sailing teams.

The changes will also see the closure of stores, product lines cut and an end to the companies sponsorship of rugby union.

The chief executive, Franz Koch, is leaving Puma as part of a managerial shake-up and the company will be led by Chief Financial Officer Michael Laemmermann and Chief Commercial Officer Stefano Caroti until a replacement is appointed.{jcomments on}