Under the Radar: How is PUMA navigating US-China trade tensions and what should we know about the shoemaker’s latest brand refresh?

Money Matters with Hongbin Jeong and Chua Tian Tian

When it comes to sportswear and sneakers, one can’t help but think of two brothers who went from working partners to worst rivals after World War II and a family feud.

Yes, we’re talking about Rudolf or Rudi and Adolf or Adi Dassler. The duo are also better known as the Dassler brothers.

Both brothers ended up starting shoe companies of their own, and they grew to become two of the most prominent players in the industry today – PUMA and Adidas.

And today we’re going to turn the spotlight on PUMA , which was founded by Rudi Dassler in 1948. Since its founding, PUMA has become one of the world’s leading sports brands that has been designing and marketing footwear, apparel and accessories for over 75 years.

The firm prides itself on offering performance and sport-inspired lifestyle products in categories including (1) Football, (2) Running and Training, (3) Basketball, (4) Golf and (5) Motorsports.

With a distribution network in over 120 countries, PUMA Group’s influence runs deep into street culture and fashion, particularly so given the brand’s multiple collaboration with renowned brands and designers who are closely connected with the community on the ground.

Puma is an interesting company to look at given the ongoing tariff situation between the US and China.

In February 2025, the shoemaker said it is shipping far fewer Chinese-made sneakers to the US as the trade war between the two economic superpowers heats up. But how are things looking like right now, and how far is Southeast Asia a bright spot for the firm then?

Meanwhile, PUMA is also ramping up the throttle on a brand refresh to increase its presence in higher-end channels for sports and lifestyle products.

More recently, the firm teamed up with Spanish luxury fashion house Balenciaga on a new Winter 2025 collection that include tracksuits and reimagined versions of the PUMA’s iconic Speedcat shoes. But how far will such collaborations help the firm anchor its positioning in the sportswear industry?

On Under the Radar, Money Matters’ finance presenter Chua Tian Tian posed these questions to Sanjay Roy, Managing Director, South East Asia & Oceania, PUMA Group.

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