Puma names former Adidas executive Andreas Hubert as COO
Hubert will oversee Puma's global sourcing operations, assuming responsibilities that were previously shared between the company's chief product officer, chief financial officer, and chief executive officer.
Puma's current CEO, Arne Freundt, was also formerly a senior executive at Adidas before joining the German sportswear company, which has faced increasing competitive pressure in recent quarters.
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2 days ago
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Germany's economic sentiment fell sharply in August, snapping a three-month recovery and casting renewed doubts over the country's growth outlook. The decline follows a controversial EU–US trade deal that has disappointed financial experts and left key industrial sectors exposed to steeper tariff burdens. The ZEW Indicator of Economic Sentiment dropped by 18 points to 34.7 in August, falling well short of expectations for a more modest retreat to 40. This reverses part of the strong recovery seen in July, when sentiment had climbed to its highest since February 2022. The gauge for current conditions also deteriorated, slipping to -68.6 from -59.5 a month earlier, missing forecasts of -60. The downturn reflects concerns over Germany's weak second-quarter performance and the perceived asymmetry of the newly signed transatlantic trade pact. 'Financial market experts are disappointed by the announced EU–US trade deal,' said ZEW president, professor Achim Wambach. 'In August 2025, the ZEW indicator experiences a substantial decline, also due to the poor performance of the German economy in the second quarter. The outlook has worsened in particular for the chemical and pharmaceutical industries. The mechanical engineering and metal sectors as well as the automotive industry are also severely affected.' Sentiment across the eurozone mirrored Germany's decline. The ZEW expectations index for the bloc dropped 11 points to 25.1, while the gauge of current conditions fell by 7 points to minus 31.2. Initial hopes of relative resilience in the eurozone have been tempered as economists revise down growth expectations for the second half of the year. Unequal trade deal weighs on sentiment On 27 July, just days before a 30% US tariff on EU goods was set to take effect, European Commission President Ursula von der Leyen and US President Donald Trump reached a last-minute agreement. The accord included a basic 15% tariff on EU exports, with steeper levies of 50% on steel, aluminium and copper. Aircraft and aircraft parts were exempted. As part of the deal, the EU also pledged to purchase $750 billion (€685 billion) in US energy exports over three years. The political optics were widely seen as favourable to Washington. 'A one-sided trade deal to reduce the US trade deficit with the EU,' remarked Oliver Rakau, chief Germany economist at Oxford Economics. "Politically, this agreement looks like a clear win for the US," he added. The deal 'is at the better end of the spectrum of what could realistically be achieved,' Isabelle Mateos y Lago, economist at BNP Paribas, noted. She highlighted that the effective tariff rate has been multiplied tenfold compared to the start of the year, though she sees the shock as manageable given exports to the US account for under 3% of EU GDP. Bill Diviney, economist at ABN Amro, described the agreement as a product of Europe's weak bargaining position, highlighting economic stagnation and rising inflation pressures. 'Berlin and France were unwilling to suffer economic pain to risk a better outcome,' he said. 'The EU remains dependent on the US for its security, both in terms of military support as for military imports and remains a net importer of energy,' he added. Markets cautious as US inflation data looms Market reaction to the ZEW release was muted. Germany's DAX index remained broadly steady at 24,050 points. The euro dipped slightly, down 0.1% to $1.1600. Investor focus now turns to the upcoming US inflation report for July, with the Consumer Price Index expected to have risen 2.9% year-on-year, up from 2.7% in June. Markets are watching closely for any signs that higher tariffs are beginning to filter through to consumer prices. Money markets continue to price in an 85% probability of a 25-basis-point rate cut by the Federal Reserve at its next meeting, as signs of cooling labour market strengthen the case for easing.
Fashion Network
3 days ago
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Mexico wants Adidas to pay up after Mexican-American designer launches Indigenous-inspired shoe
Home › News › Media Published August 10, 2025 Download Print Published August 10, 2025 Mexico is looking for footwear giant Adidas to pony up after a Mexican-American designer, Willy Chavarria, working with the firm launched a shoe inspired by a traditional Indigenous sandal, authorities said on Friday. Willy Chavarria has created numerous collections inspired by his Mexican heritage - BFA Chavarria, who has been hailed in the United States for his work bringing Latino issues to light - including his controversial collection touching on the alleged gang members locked up at El Salvador's notorious CECOT prison - recently dropped the "Oaxaca Slip On" shoe, a sneaker sole topped with the weave of Mexico's huarache sandals. Critics in Mexico argued that the shoe uses the name of the southern Mexican state, a major manufacturer of the traditional leather sandals, while Chavarria's design is manufactured in China and Indigenous artisans received no credit or benefit from the multinational firm. "Big companies often take products, ideas and designs from Indigenous communities," Mexico President Claudia Sheinbaum said in her morning press conference. "We are looking at the legal part to be able to support them." Deputy Culture Minister Marina Nunez confirmed that Adidas had contacted Oaxacan officials to discuss "restitution to the people who were plagiarized." The dispute is the latest by Mexico to protect its traditional designs from global fashion firms, having previously lodged complaints against Zara-owner Inditex and Louis Vuitton. Chavarria said in a statement on Saturday that he was "deeply sorry that the shoe was appropriated in this design and not developed in direct and meaningful partnership with the Oaxacan community."His approach fell short of the respect the community deserved, he said, stating that his intention had always been to "honour the powerful cultural and artistic spirit of Oaxaca and its creative communities," the statement did not respond to a request for comment. Chavarria, born in the United States to an Irish-American mother and a Mexican-American father, had told Sneaker News in a prior interview that he had intended to celebrate his cultural heritage through his work with Adidas. © Thomson Reuters 2025 All rights reserved. Tags : Fashion Footwear Media People
Fashion Network
3 days ago
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Adidas apologises for sandal appropriating Indigenous Mexican design
Home › News › Media Published August 11, 2025 Download Print Published August 11, 2025 Adidas has formally apologised after Mexico President Claudia Sheinbaum criticised the sportswear brand over a shoe that replicated traditional Indigenous huarache sandals without attributing the design or crediting artisans. The 'Oaxaca slip-on' by Adidas - HiSo Burman- Facebook The misstep comes shortly after Prada triggered a widespread backlash in India when its Milan fashion show debuted a sandal replicating Kolhapuri slippers, highlighting the increased scrutiny multinational brands face over the origin of their designs."The 'Oaxaca slip-on' was inspired by a design from Oaxaca, rooted in the tradition of Villa Hidalgo Yalálag," Adidas said in a statement. "We offer a public apology and reaffirm our commitment to collaborate with Yalálag in a respectful dialogue that honours their cultural legacy." Mexico President Claudia Sheinbaum said on Friday that her administration is looking into legal ways of supporting Indigenous communities whose designs are taken by big companies, after Oaxaca officials criticised the Adidas Oaxaca slip-on, launched five days ago by Mexican-American designer Willy Chavarria with Adidas, features a black sneaker sole topped with the leather weave typical of Mexico's huarache sandals. Chavarria said on Saturday he was "deeply sorry that the shoe was appropriated in this design and not developed in direct and meaningful partnership with the Oaxacan community". © Thomson Reuters 2025 All rights reserved. Tags : Fashion Lifestyle Footwear Home decor Media
