Puma confirmed it has transitioned from a business partnership to an exclusive licensing agreement structure with its long-term partner, United Legwear Company, LLC (ULAC), enabling the company to sell Puma-branded product, primarily socks and underwear, as well as kids’ apparel and accessories, in the U.S. and Canada.
This change took effect on November 1, 2025.
Previously, Puma and ULAC had a partnership, Puma United, which focused on selling these products in the U.S. and Canada. Puma held a 51 percent capital share in Puma United. The products sold by Puma United were manufactured, transported and stored by ULAC and its suppliers.
The move is part of Puma’s strategic initiative to simplify its operating model in North America and sharpen its focus on core business in the region. It further solidifies the company’s continued partnership with ULAC, which has been in place for 25 years.
As Puma outlined during its third-quarter results on October 30, the company is executing a reset and optimizing its distribution network. Then, Puma said it was considering a shift to a licensing model with ULAC.
Financial details of the licensing agreement between the companies were not disclosed.
Puma stated, “This transition to a licensing model aligns with market practices in North America, where the production and sale of such products are typically licensed to third parties. Through this shift, Puma aims to create a leaner, more efficient business model while maintaining a strong brand presence in these categories via its valued long-term licensing partner. The transition also enhances transparency for investors and the capital market by enabling clearer financial reporting.”
As a result of this change, Puma United has been classified as a discontinued operation in Puma’s financial reporting, effective from November 2025 onwards. Accordingly, current-year and prior-period figures will be restated, with Puma United’s results, assets, and liabilities presented separately from continuing operations.
Sales generated by the partnership amounted to €427.9 million, while net earnings attributable to non-controlling interests were €60.7 million for the 2024 financial year.
Image courtesy Puma
