INDEX / DIRECTORY / PUMA / ECONOMIC

Puma ECONOMIC

ECONOMIC AUDIT UPDATED 2026-09-08
Economic Score 3.50 /10 D Puma - Complicity Index 307
Economic 3.50

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Supply Chain & Sourcing Relationships

Direct Supplier Relationships: No public evidence identified. Searches targeting Israeli agricultural aggregators including Mehadrin, Hadiklaim, Galilee Export, and Agrexco returned no results linking these suppliers to Puma’s sourcing operations 1.

Importer of Record Structure: Puma established a 100% owned subsidiary, Puma Sport Israel Ltd., in 2012, which began operations on January 1, 2013, replacing the prior distributor Grundman Sports Co. 1. This Israeli subsidiary was formally liquidated in 2024 according to the 2024 Annual Report notes 2. NGO sources describe Al Srad Ltd./Factory 54 as Puma’s exclusive Israeli licensee, with inconsistent 2020/2021 start dates. Primary evidence establishes official representation and retail, but does not publish exclusivity or all distribution responsibilities 3, 4, 5.

Seasonal Sourcing Patterns: No public evidence identified.

Third-Party & Indirect Sourcing: No public evidence identified.

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Products: No public evidence identified regarding Puma products being labeled as Israeli-origin from settlements in the occupied territories.

Labeling Compliance: No public evidence identified regarding Puma’s compliance with country-of-origin labeling regulations for goods produced in Israeli settlements.

Corporate Labeling Policy: No public evidence identified. No publicly stated corporate policy on sourcing or labeling of goods from occupied or contested territories was located in available public disclosures.

Investment, Capital & Financial Exposure

Foreign Direct Investment: Puma established a 100% owned subsidiary (Puma Sport Israel Ltd.) in Israel in 2012 1. The company was liquidated in 2024 2. No evidence of other direct capital investments in Israel - including factories, data centers, logistics hubs, or real estate holdings - was identified in public filings or disclosures.

R&D & Innovation Centres: No Puma R&D or innovation facilities operate in Israel. Puma’s global creation centers are located in the United States, Europe, China, India, and Japan, with no evidence of any facility in Israel 6.

Parent & Beneficial Ownership Flows: Puma SE serves as the parent company, headquartered in Herzogenaurach, Germany, and is traded on the Frankfurt exchange under DE0006969603 7. Artémis held 29.1% at 31 December 2025 through the Pinault interests; the announced January 2026 Anta purchase was conditional and completion was not established 8, 9. No separate direct investments by the parent company or beneficial owners in Israel were identified.

Portfolio & Fund Exposure: No public evidence identified. No publicly disclosed holdings in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds held by Puma or its parent company were found.

Operational Presence & Market Activity

Physical Footprint: Puma products are sold through Al Srad/Factory 54 representation. The approximately 110 stores (65 mono-brand and 45 multi-brand) concern the entire multibrand licensee group, not 110 Puma stores 10, 5. An April 2025 report describes reopening the 900-square-metre Puma flagship at Tel Aviv Port, Hangar 9, but does not identify its legal operator or funder 11. An April 2026 report attributes NIS 30 million investment in a 2,000-square-metre Ramat Aviv complex to Factory 54; it does not attribute the investment to Puma 12.

Employment & Tax Contribution: Puma Sport Israel Ltd. is a historical subsidiary; current Puma-specific employment, workforce size and tax registrations were not established in the reviewed disclosures 2.

Market Positioning: Puma reports revenue by the EEMEA segment (Eastern Europe, Middle East, and Africa), which totaled €1.74 billion in 2024 13. Israel-specific revenue is not disclosed separately within the financial statements 13.

Corporate Structure & Foundational Ties

Founding & Incorporation History: Puma SE is a German company founded in 1948 in Herzogenaurach, Germany. The Israeli subsidiary (Puma Sport Israel Ltd.) was established in 2012 as a 100% owned entity 1.

Headquarters & Domicile: Puma SE headquarters are located in Herzogenaurach, Germany. No dual or legacy headquarters in Israel was identified 1.

State & Institutional Linkages: No public evidence identified. No state ownership stakes, government board appointees, government contracts, or critical national infrastructure designations involving Puma were found.

Structural Governance Features: No public evidence identified. No golden shares, founder shares, or charter restrictions tying Puma’s operations to the Israeli state were identified.

Board Composition: Review of Puma’s Supervisory Board and Management Board found no individuals with identified Israeli defense industry, settlement-NGO, or governmental affiliations 7, 14. The Chair of the Supervisory Board is Héloïse Temple-Boyer, who also serves as Deputy CEO of Artemis. Arthur Hoeld was appointed CEO effective July 2025 14.

Profit Repatriation & Economic Contribution

Revenue Attribution: Puma does not disclose Israel-specific revenue in its financial filings. The EEMEA segment (which includes Israel among other markets) generated €1.74 billion in 2024 13.

Profit Flows: No public evidence identified. No documented profit repatriation patterns between Israel and the German parent company were identified.

Economic Ecosystem Role: No public evidence identified. No industry reports or government designations characterizing Puma’s significance within the Israeli economy were located.

Additional Relevant Findings

UN OHCHR Settlement Database: Both Delta Galil Industries Ltd. and Delta Israel Brands Ltd. (Puma’s former licensee from 2013-2020) are listed in the UN OHCHR database of business enterprises involved in Israeli settlement activities under category (g) - “use of natural resources, in particular water and land, for business purposes” 15, 16, 17.

Israel Football Association Sponsorship: Puma signed a 4-year sponsorship deal with the Israel Football Association in 2018, covering the national team and associated federational activities 18. The sponsorship was terminated effective end of 2024, with Puma announcing the decision in December 2023 18, 19, 20.

Maccabi Tel Aviv Football Club: Puma announced a kit sponsorship deal with Maccabi Tel Aviv starting for the 2025/26 season, announced in May 2025, with official kit launch in July 2025 21, 22.

Maccabi Tel Aviv Basketball: Puma announced a five-year partnership worth millions of shekels with Maccabi Tel Aviv basketball club in August 2021 23.

IFA Context: The Israel Football Association includes 6 clubs located in illegal West Bank settlements within its organizational structure 24.

Factory 54 Mamilla Outlet: The Factory 54 retail chain (operated by Irani Corporation, Puma’s current Israeli licensee) maintains an outlet in Mamilla Mall, located in an area historically referred to as “no man’s land” between Israeli and Jordanian sectors of Jerusalem during the 1948-1967 period 4, 25.

Live verification addendum - 8 September 2026

Factory 54’s current Puma product page identifies El-Srad Ltd. as the official representative. This supports a current authorised commercial channel, but not Puma ownership of El-Srad or a published contract establishing exclusivity, term, importer-of-record status or payment allocation.5

The 2024 audited report records liquidation of Puma Sport Israel Ltd. The 2025 group disclosures list no Israel-domiciled Puma subsidiary. No public evidence identified of current Puma-owned Israeli manufacturing, data centres, logistics facilities or real estate in the reviewed disclosures.26, 8, 27

The primary club announcements establish Puma sales through Factory 54 at Tel Aviv Port and Ramat Aviv, and the 2021 basketball announcement identifies El-Srad/Factory 54 as importer. Neither source names the store lessee, employer or capital funder. Current Factory 54 catalogues offer Puma products; this is ongoing retail, not an abandoned trading relationship.28, 29, 5, 30

March 2021 media reports separately describe approximately NIS 30 million invested in converting a former Factory 54 site into the 900-square-metre Puma Tel Aviv Port flagship. The reports do not establish which legal entity funded it. This is distinct from the NIS 30 million Factory 54 Ramat Aviv complex reported in April 2026; neither amount is proven Puma SE capital expenditure.31, 32, 33

No Puma-specific Israeli revenue, employment, tax, store-count or capital-expenditure total was established. The entire Factory 54 estate and regional EEMEA revenue must not be assigned to Puma’s Israeli activity. No public evidence identified of Puma product sales, ownership, control or funding at the alleged Mamilla outlet.34, 35, 8, 5, 30, 36

Footnotes

  1. https://about.puma.com/en/newsroom/news/puma-sets-100-subsidiary-israel ↩ ↩2 ↩3 ↩4 ↩5

  2. https://annual-report.puma.com/2024/en/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/index.html ↩ ↩2 ↩3

  3. https://bdsmovement.net/boycott-puma ↩

  4. https://bdsmovement.net/news/puma-swaps-one-complicit-israeli-distributor-for-another-maintains-support-for-israels-violent ↩ ↩2

  5. https://factory54.co.il/products/puma-standard-full-zip-jacket-brown-694015-33 ↩ ↩2 ↩3 ↩4 ↩5

  6. https://about.puma.com/en/innovation-0 ↩

  7. https://annual-report.puma.com/2024/en/consolidated-financial-statements/members-of-the-management-board-and-supervisory-board-and-their-mandates/index.html ↩ ↩2

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

  9. https://about.puma.com/en/shareholder-structure ↩

  10. https://theorg.com/org/irani-corp-factory-54 ↩

  11. https://www.jpost.com/consumerism/article-848888 ↩

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

  13. https://www.marketscreener.com/quote/stock/PUMA-SE-114690693/finances-segments ↩ ↩2 ↩3

  14. https://www.puma.com/en/our-management ↩ ↩2

  15. https://www.ohchr.org/en/business/bhr-database ↩

  16. https://www.ohchr.org/sites/default/files/documents/hrbodies/hrcouncil/sessions-regular/session31/database-hrc3136/23-06-30-Update-israeli-settlement-opt-database-hrc3136.pdf ↩

  17. https://www.thepensivequill.com/2024/05/un-database-on-illegal-israeli.html ↩

  18. https://www.aljazeera.com/news/2023/12/12/puma-to-end-sponsorship-of-israels-national-football-team-in-2024 ↩ ↩2

  19. https://time.com/6358215/puma-terminates-israel-soccer ↩

  20. https://www.ft.com/content/93014af0-80bc-4b53-bb4a-a621d8c932b0 ↩

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

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

  23. https://maccabi.co.il/news.asp?id=8375&lang=en ↩

  24. https://investigate.afsc.org/company/puma ↩

  25. https://www.safdiearchitects.com/projects/mamilla-center ↩

  26. https://annual-report.puma.com/2024/en/consolidated-financial-statements/notes-to-the-consolidated-financial-statements/index.html ↩

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

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

  29. https://maccabi.co.il/news.asp?id=8375&lang=en ↩

  30. https://factory54.co.il/collections/puma-men ↩ ↩2

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

  32. https://www.israelhayom.co.il/article/861639 ↩

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

  34. https://theorg.com/org/irani-corp-factory-54 ↩

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

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