INDEX / DIRECTORY / PUMA

Puma

Fashion & ApparelSports Retail 71 CITED SOURCES UPDATED 2026-09-08 METHOD V6.5
Complicity Index score 307 /1000 D Tier D - Moderate
Military ↗ 0.00 Digital ↗ 0.00 Economic ↗ 3.50 Political ↗ 2.75
OWNERSHIP TREE 3 brands and group businesses View all

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Key Findings

  • Economic: Puma’s former Israeli licensee, Delta Galil Industries Ltd., was listed in the UN OHCHR settlement-business database; Puma itself is not listed. Puma Sport Israel Ltd. was liquidated in 2024, while current retail representation through El-Srad/Factory 54 remains documented.1, 2, 3
  • Political: Puma’s Israel Football Association sponsorship expired on 31 December 2024; the IFA includes clubs based in West Bank settlements. Puma subsequently announced a Maccabi Tel Aviv FC kit partnership beginning in the 2025/26 season.4, 5
  • Settlements: The record does not establish current Puma-specific retail, ownership, funding, or operations in settlements; allegations concerning Factory 54’s Mamilla outlet and the former Delta Galil footprint cannot be transposed to current Puma activity.3, 6
  • Not found: No public evidence identified of Puma military procurement, defence-prime supply, tactical products, Israeli state-security contracts, surveillance technology, or Project Nimbus participation.7, 8

Target Profile

FieldDetail
Company NamePuma SE
JurisdictionGermany
HeadquartersHerzogenaurach, Germany.9
SectorCivilian athletic footwear, apparel, sportswear, accessories, and Cobra Golf products.10
OwnershipPublicly traded German company; Artémis held 29.1% of share capital at 31 December 2025. Anta Sports announced a conditional agreement in January 2026 to acquire the Artémis stake; completion was not established.11
Key Executives / GovernanceArthur Hoeld became CEO in July 2025. Héloïse Temple-Boyer chairs the Supervisory Board.12
Israeli-Nexus SummaryPuma’s documented nexus consists of historical Israeli subsidiary and licensee arrangements, current civilian retail representation, and football/basketball sponsorships; the former IFA sponsorship ended in 2024.

Key Facts:

Executive Summary

Puma SE is a German public sportswear company. Its documented Israel/Palestine nexus is commercial and sporting rather than military or technological: Puma previously operated through Puma Sport Israel Ltd., which was liquidated in 2024; its products continue to be represented and retailed through El-Srad Ltd./Factory 54. The available primary record supports an authorised current commercial channel, but does not establish Puma ownership of the licensee, a published exclusive licence, or the allocation of contractual and financial responsibilities.2, 3

The principal documented historical vector is Puma’s sponsorship of the Israel Football Association (IFA) from 2018 until the agreement expired on 31 December 2024. Civil-society documentation identifies six IFA clubs located in West Bank settlements. Puma announced non-renewal in December 2023 and described the decision as part of a commercial “fewer-bigger-better” strategy; advocacy organisations attributed it to boycott pressure. The record does not establish either explanation as the sole motive.4, 13

Puma subsequently announced a kit partnership with Maccabi Tel Aviv FC beginning in the 2025/26 season. The official club shop also lists Puma 2026/27 home, away and goalkeeper kits, confirming continued product availability; the catalogue does not disclose the contract term or financial allocation.14 A separate August 2021 announcement described a five-year Maccabi Tel Aviv Basketball partnership and identified El-Srad/Factory 54 as Puma Hoops importer. These are civilian club sponsorships. The reviewed announcements do not disclose legal signatories, payment allocation, or - regarding basketball - renewal after the original five-year term.5, 15

The former Israeli licensee Delta Galil was listed in the UN OHCHR database in connection with settlement activity; Puma itself is not listed. The record does not establish that Factory 54’s wider retail network, alleged Mamilla activity, prior Delta Galil settlement footprint, or investments attributed to Factory 54 are Puma-owned, Puma-funded, or current Puma-specific settlement activity.1, 3, 6

No public evidence identified of Puma contracts with the Israeli military, security bodies, defence primes, intelligence agencies, or government cloud programmes; nor of Puma provision of surveillance, AI, cyber, weapons, tactical equipment, or base-logistics services. These are scoped public-record absence findings, not proof about undisclosed activity. On the fixed human-vetted V6.5 assessment, Puma receives BRS 307, Tier D (Moderate Complicity), driven by its civilian commercial presence and documented political/sporting nexus rather than a military or digital nexus.7, 8

Timeline of Relevant Events

DateEvent
1948Puma was founded in Herzogenaurach, Germany.9
2012 / 1 January 2013Puma established Puma Sport Israel Ltd. as a wholly owned subsidiary, replacing the prior distributor Grundman Sports Co.; operations began on 1 January 2013.16
2015–2020Delta Galil Industries Ltd. served as Puma’s Israeli licensee; it was later documented in the UN OHCHR settlement-business database.1
2018Puma entered an IFA sponsorship arrangement covering the national team and associated federation activities.4
5 August 2021Maccabi Tel Aviv Basketball announced a five-year Puma partnership and identified El-Srad/Factory 54 as Puma Hoops importer.15
December 2023Puma announced it would not renew the IFA agreement, citing commercial strategy.13
2024Puma Sport Israel Ltd. was liquidated.2
31 December 2024Puma’s IFA sponsorship expired.4
2 May 2025Puma and Maccabi Tel Aviv FC announced a kit partnership beginning in the 2025/26 season, with Factory 54 retail distribution referenced in the club announcement.5
July 2025Maccabi Tel Aviv FC announced the official Puma kits for the 2025/26 season.17
8 September 2026 reviewThe official Maccabi Tel Aviv FC shop lists Puma 2026/27 home, away and goalkeeper kits.14
January 2026Anta Sports announced a conditional agreement to acquire Artémis’s Puma stake; completion was not established.11

Corporate Overview

Puma SE is a German publicly traded sportswear company headquartered in Herzogenaurach. Its disclosed business concerns civilian sportswear, athletic footwear, apparel, accessories, and Cobra Golf products. It is not identified in the reviewed corporate materials as a defence, construction, cyber-security, cloud-infrastructure, or surveillance company.9, 10

Puma’s Israeli structure has changed over time. Puma Sport Israel Ltd. was established as a wholly owned subsidiary for direct control of Israeli business activity, but Puma’s 2024 financial statements record that entity’s liquidation. Puma’s 2025 group disclosures contain no Israel-domiciled group company; this does not exclude independent distributors, licensees, or contractual retail operations.2, 18

The current public record supports civilian market representation through El-Srad Ltd./Factory 54. NGO reporting describes El-Srad as an exclusive licensee, but gives inconsistent 2020 and 2021 start dates and does not produce the underlying contract. Primary club and retail materials confirm representation and product availability, not the claimed exclusivity, legal ownership, retail-store count attributable to Puma, importer-of-record status, or financial terms.3, 5, 15

Puma’s former licensee Delta Galil, rather than Puma SE, appears in the UN OHCHR settlement-business database. The database listing is relevant historical context for the licensee relationship, but does not establish direct listing, ownership, control, funding, or current settlement operation by Puma itself.1, 6

Domain Summaries

Military: Military

Mechanism of Involvement

No public evidence identified of Puma contracts with the Israeli Ministry of Defence, Israel Defense Forces, Israel Prison Service, Israel Border Police, or other Israeli security bodies. Reviewed corporate disclosures and targeted public-record searches identified no military procurement, defence cooperation, defence-prime supply relationship, foreign-military-sales notification, tactical-product line, export-control action, or base-logistics arrangement involving Puma.7

Puma’s disclosed products are civilian sportswear, athletic footwear, apparel, accessories, and golf products. No identified ruggedised, tactical, military-specification, weapons, munitions, vehicle, construction-equipment, or dual-use product line was found in the reviewed record.7, 10

Counter-Arguments and Evidence Limits

The strongest defence is that Puma is a civilian sportswear company and the documented Israeli retail and club partnerships do not evidence military procurement or a security-force end user. The Maccabi Tel Aviv football partnership and licensee retail are civilian commercial activities.7, 19

The absence findings are scoped to reviewed corporate disclosures, public procurement materials, and targeted searches. They should not be read as proof that undisclosed activity cannot exist. SIBAT’s industry directory is non-mandatory and non-exhaustive; Puma’s omission is limited corroboration, not proof of universal absence.7, 20

Named Entities and Evidence Map

Digital: Digital

Mechanism of Involvement

No public evidence identified linking Puma to Israeli-origin cyber-security, cloud, analytics, biometric, facial-recognition, surveillance, AI, or enterprise-technology suppliers in the reviewed record. No public evidence identified of Puma participation in Project Nimbus, Israeli government-cloud deployments, Israeli data-centre operations, Israeli R&D facilities, technology acquisitions, or provision of digital services to Israeli military, police, intelligence, or state bodies.8

Puma reports ordinary internal enterprise operations, including SAP systems, a hosted 24/7 Security Operations Centre, cloud-native protection plans, an internal AI Framework, and consumer-data safeguards. The reviewed disclosures do not identify the relevant operators or providers as Israeli-origin, and do not identify an Israeli state or security customer.8, 21

Puma’s privacy notice identifies Google Analytics and Google Ads for its corporate site, including ordinary analytics processing on a Google server in the United States. This establishes corporate-site analytics only; it does not establish Google Cloud business infrastructure, Israeli data residency, Project Nimbus participation, or a state-security outcome.22

Counter-Arguments and Evidence Limits

The strongest defence is that the identified digital systems are routine internal business, security, and website-analytics arrangements for a civilian consumer brand. No identified evidence links them to Israeli state-security operations or to Israeli-origin surveillance technology.8, 21

These findings concern publicly identified relationships. They do not establish an exhaustive inventory of Puma’s vendors, systems integrators, managed-service providers, or bundled third-party technologies.8

Named Entities and Evidence Map

Economic: Economic

Mechanism of Involvement

Puma established Puma Sport Israel Ltd. as a wholly owned Israeli subsidiary; the entity was liquidated in 2024. The subsequent public record identifies no Israel-domiciled Puma group company, nor public evidence of current Puma-owned Israeli manufacturing, data centres, logistics facilities, or real estate.2, 18

Puma products remain available through El-Srad/Factory 54. Factory 54’s current Puma product page identifies El-Srad as the official representative, while primary club materials refer to Factory 54 retail sales and El-Srad/Factory 54 importing. This supports an ongoing authorised commercial channel, not an abandoned relationship.3, 5, 15

The economic nexus is bounded. Puma does not publicly disclose Israel-specific revenue, employment, tax contribution, store count, capital expenditure, or profit-repatriation figures. Regional EEMEA revenue and the entire Factory 54 estate cannot be assigned to Puma’s Israeli activity.23, 24

Former licensee Delta Galil was listed in the UN OHCHR settlement-business database, including in connection with sites in Pisgat Ze’ev, Ramot, Ma’ale Adumim, and the Barkan industrial zone. Puma SE itself is not listed. This history supports a concern about the former licensee’s footprint, but does not establish direct Puma settlement operations.1, 6

Counter-Arguments and Evidence Limits

The strongest defence is that Puma liquidated its wholly owned Israeli subsidiary and that current retail appears to be conducted through an independent representative/licensee. The available sources do not establish Puma ownership, control, funding, legal responsibility, or a current Puma-specific settlement store.2, 3

Reports of approximately 110 stores concern Factory 54’s overall mono-brand and multi-brand retail estate, not 110 Puma stores. Reports of NIS 30 million investments in a Tel Aviv Port Puma flagship conversion and a separate Factory 54 Ramat Aviv complex do not establish that Puma SE funded either project.25, 26 The alleged Factory 54 Mamilla outlet likewise does not establish Puma product sales, ownership, control, or funding there.3, 24

Named Entities and Evidence Map

Political: Political

Mechanism of Involvement

Puma’s principal political-risk nexus is its former IFA sponsorship. The IFA includes six clubs located in West Bank settlements. Puma’s sponsorship agreement expired on 31 December 2024 after the company announced non-renewal in December 2023. The UN Special Rapporteur’s 2025 report notes that sustained advocacy led Adidas, Puma, and Erreà to end IFA sponsorships.4, 27

Puma stated through spokesperson Kerstin Neuber that it did not support football teams in settlements and that its Israeli distributor had no branches in settlements. Puma attributed IFA non-renewal to commercial strategy, while campaign sources attributed the result to advocacy pressure; neither account alone proves motive.13, 28

Puma later announced a civilian Maccabi Tel Aviv FC kit agreement for the 2025/26 season, covering senior players, youth, and staff, alongside co-designed collections and Factory 54 sales. The announcement does not publish legal signatories, payment allocation, or a resolved numerical term.5

No primary Puma statement addressing Palestinian civilian harm was identified in the targeted corporate search. By contrast, corporate records document Puma public engagement relating to Ukraine and a 2020 Black Lives Matter football-boot initiative.29 Those examples demonstrate engagement elsewhere but do not establish a position on Palestinian civilian harm.30

No public evidence identified of Puma lobbying concerning Israel or boycott legislation, donations to Israeli parastatal, settlement, military-welfare, or advocacy organisations, state honours, Brand Israel partnerships, Israeli government hosting, or corporate donations to Gaza humanitarian organisations after October 2023.31

Counter-Arguments and Evidence Limits

The strongest defence is that the expired IFA relationship was a sports sponsorship rather than support for settlement clubs, military institutions, or government policy. Puma publicly denied supporting settlement teams. Its later Maccabi Tel Aviv arrangements are club sponsorships, not evidence of a state partnership.5, 28

No public evidence identified of Puma suppressing employee pro-Palestinian speech, operating conflict-related content moderation, or making political donations. The absence of public evidence is bounded by the reviewed record and should not be treated as an exhaustive account of all internal policies or private communications.31

Named Entities and Evidence Map

Complicity Index Score

Method: V6.5.

DomainIMPV-Domain Score
Military0.000.000.000.00
Digital0.000.000.000.00
Economic3.507.007.503.50
Political3.505.507.502.75

V_MAX is driven by the Economic domain: current authorised civilian retail through El-Srad/Factory 54 (I 3.5, M 7, P 7.5). The Political domain is governed by sustained market-facing business as usual through that channel (I 3.5, M 5.5, P 7.5), with local commercial scope and no demonstrated national institutional counterparty. The expired IFA sponsorship, liquidated subsidiary and former licensee’s settlement-database listing remain historical context; they do not supply current governing scores. The 2026/27 club-kit catalogue corroborates continuing civilian commercial activity without establishing a state, federation or settlement nexus.3, 14

The V6.5 method is scale-free, evidence-only, and human-vetted. Scores reflect documented activity type, scale, and directness rather than unverified allegations, transitive attribution, or discontinued operations treated as current activity.

Methodology Note

Footnotes

  1. https://www.whoprofits.org/companies/company/3655 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  2. https://annual-report.puma.com/2024/en/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/index.html ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  3. https://factory54.co.il/products/puma-standard-full-zip-jacket-brown-694015-33 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  4. https://investigate.afsc.org/company/puma ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  5. https://www.maccabi-tlv.co.il/en/2025/05/puma-will-be-maccabi-tel-aviv-fcs-new-official-kit-partner ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  6. https://www.ohchr.org/en/business/bhr-database ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  7. https://annual-report.puma.com/2025/en/downloads/PUMA_Annual_Report_2025_EN.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  8. https://annual-report.puma.com/2025/en/downloads/PUMA_Annual_Report_2025_EN.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  9. https://about.puma.com/en/newsroom/news/puma-sets-100-subsidiary-israel ↩ ↩2 ↩3

  10. https://annual-report.puma.com/2025/en/combined-management-report/puma-group-essential-information/commercial-activities-and-organisational-structure/index.html ↩ ↩2 ↩3

  11. https://ir.anta.com/en/news_detail.php?id=159082 ↩ ↩2 ↩3

  12. https://www.puma.com/en/our-management ↩

  13. https://fortune.com/europe/2023/12/12/puma-ends-israel-national-football-team-sponsorship ↩ ↩2 ↩3

  14. https://shop.maccabi-tlv.co.il/en/collections/%D7%AA%D7%9C%D7%91%D7%95%D7%A9%D7%95%D7%AA-%D7%9E%D7%A9%D7%97%D7%A7 ↩ ↩2 ↩3 ↩4

  15. https://maccabi.co.il/news.asp?id=8375&lang=en ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  16. https://about.puma.com/en/newsroom/news/puma-sets-100-subsidiary-israel ↩

  17. https://www.maccabi-tlv.co.il/en/2025/07/puma-x-maccabi-the-official-kits-for-the-2025-26-season ↩

  18. https://annual-report.puma.com/2025/en/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/index.html ↩ ↩2

  19. https://www.maccabi-tlv.co.il/en/2025/05/puma-will-be-maccabi-tel-aviv-fcs-new-official-kit-partner ↩

  20. https://www.sibat.mod.gov.il/OurServices/Pages/%E2%80%8BDefense%20and%20HLS%20directory.aspx ↩

  21. https://annual-report.puma.com/2025/en/combined-management-report/sustainability-statement/social-information/s4-consumers-and-end-users/index.html ↩ ↩2

  22. https://about.puma.com/en/privacy ↩ ↩2

  23. https://www.marketscreener.com/quote/stock/PUMA-SE-114690693/finances-segments ↩

  24. https://dontbuyintooccupation.org/wp-content/uploads/2023/12/2023_DBIO-III-Report_11-December-2023.pdf ↩ ↩2

  25. https://finance.walla.co.il/item/3424272 ↩

  26. https://www.jpost.com/consumerism/article-892114 ↩

  27. https://spcommreports.ohchr.org/TMResultsBase/DownLoadPublicCommunicationFile?gId=30538 ↩

  28. https://www.wcvb.com/article/pro-palestinian-protest-group-targets-massachusetts-puma-store-in-assembly-row-on-black-friday/45937553 ↩ ↩2

  29. https://annual-report.puma.com/2022/en/company-overview/our-people/index.html ↩

  30. https://about.puma.com/en/newsroom/news/puma-and-kevin-prince-boateng-present-special-black-lives-matter-ultra-football-boots ↩

  31. https://www.opensecrets.org ↩ ↩2