Puma Political Audit

1. Executive Intelligence Summary

1.1. Audit Scope and Objectives

This report constitutes a comprehensive forensic audit of Puma SE, a German multinational corporation specializing in athletic and casual footwear, apparel, and accessories. The primary objective is to evaluate the company’s “Political Complicity” regarding the State of Israel, the occupation of Palestinian territories, and the broader geopolitical dynamics of the Levant. This audit rigorously applies a governance risk framework similar to those used in advanced Environmental, Social, and Governance (ESG) compliance, but with a sharpened focus on ideological alignment, supply chain entanglement with settlement infrastructure, and comparative geopolitical responsiveness.

The audit was commissioned to determine if Puma’s leadership, ownership, or operations materially or ideologically support systems of apartheid, surveillance, or militarization. The methodology involves a deep-dive analysis of governance structures, a comparative “Safe Harbor” test regarding crisis management, and a granular review of supply chain logistics in contested zones.

1.2. Top-Level Assessment

The audit identifies High to Critical historical and structural complicity. This rating is driven by Puma’s long-standing, direct sponsorship of the Israel Football Association (IFA)—a state institution that integrates football clubs located in illegal Israeli settlements—and its continued operational reliance on distribution partners deeply embedded in the occupation economy.

While Puma announced the termination of the IFA sponsorship effective December 2024, the timing, justification, and execution of this decision reveal a governance culture of “Commercial Indifference” rather than ethical leadership. The audit reveals significant “Double Standards” in Puma’s geopolitical crisis management, characterized by a swift, moralized exit from the Russian market in 2022 compared to a prolonged, defensive retention of Israeli ties despite severe humanitarian concerns in Gaza. Furthermore, the company’s supply chain remains compromised through its exclusive partnership with Irani Corporation (Al Srad Ltd.), which operates retail locations in the annexed “No Man’s Land” of East Jerusalem.

1.3. Key Findings Matrix

2. Governance Ideology: The Pinault Influence and Shareholder Profile

To understand the ideological footprint of Puma, one must analyze the ownership structure and the political inclinations of its governing bodies. Corporate neutrality is often a facade for the ideological preferences of majority shareholders. In the case of Puma, the analysis seeks to determine if the company’s persistence in the Israeli market is driven by an ideological Zionist commitment or a structural inability to prioritize human rights over revenue.

2.1. Ownership Architecture: Groupe Artémis and the Pinault Family

Puma SE is chemically linked to the French luxury conglomerate apparatus. The controlling shareholder is Groupe Artémis, the investment vehicle of the Pinault family, which holds approximately 29% of Puma’s share capital and effectively controls its strategic direction.¹ The Pinault family, led by patriarch François Pinault and his son François-Henri Pinault, represents the apex of European luxury capital.

2.1.1. François-Henri Pinault: The Pragmatic Capitalist

François-Henri Pinault serves as the Chairman of Groupe Artémis and the CEO of Kering (Puma’s former parent company). The audit scrutinized his public engagements, philanthropic portfolio, and political associations for evidence of Zionist advocacy.

• Absence of Zionist Advocacy: Unlike other major corporate figures who hold membership in organizations such as the Jewish National Fund (JNF), Conservative Friends of Israel (CFI), or AIPAC, there is no evidence in the public domain of François-Henri Pinault holding such memberships or engaging in explicit pro-Israel advocacy. His philanthropic footprint is heavily weighted toward the arts (Pinault Collection), heritage preservation (Notre Dame), and women’s rights (Kering Foundation).³
• The “Shared Society” Narrative: There are isolated reports of the Pinault family supporting initiatives related to “shared society” in Israel, specifically through the Abraham Initiatives, which focus on Jewish-Arab cooperation.⁵ While this indicates an interest in the region, it aligns more with a liberal-centrist engagement strategy than with the hardline support for settlement expansion often seen in “Ideological Zionist” ownership profiles.
• Governance Style: The Pinault governance style is characterized by “Mercantile Neutrality.” This approach views all markets, regardless of their political toxicity, primarily as revenue centers. This indifference allows regional managers to embed the brand into settlement economies without intervention from headquarters until reputational damage becomes critical.

2.1.2. The Defense Sector Confusion: A Critical Distinction

A significant finding during the intelligence gathering phase was the existence of a Boston-based private equity firm named Artemis Capital Partners. This firm recently acquired Diamond Antenna and Microwave, a company that is a known supplier to Israeli defense contractors, including Elbit Systems and Rafael Advanced Defense Systems.⁷

• Due Diligence Findings: It is crucial for this audit to explicitly state that Artemis Capital Partners (USA) is a completely separate legal entity from Groupe Artémis (France). The former is an industrial technology firm focused on aerospace and defense; the latter is the Pinault family’s holding company focused on luxury, wine, and sports.¹¹
• Risk Mitigation: Conflating these two entities would result in a “False Positive” for Defense Complicity. The audit confirms that the Pinault family’s Groupe Artémis does not own Diamond Antenna and is not part of the defense supply chain feeding the Israeli military industrial complex. The risk associated with Puma is strictly civil and commercial, not military.

2.2. The Supervisory Board and Political Affiliations

The Supervisory Board represents the shareholder interests and oversees the Management Board. Its composition reflects a technocratic, profit-driven mandate.

• Héloïse Temple-Boyer (Chair): As the Deputy CEO of Groupe Artémis, Temple-Boyer represents the direct interests of the Pinault family.¹³ Her background is in finance and investment banking (Rothschild & Cie), reinforcing a governance culture focused on asset optimization. There is no record of her involvement in political advocacy groups regarding the Middle East.
• Thore Ohlsson & Jean-Marc Duplaix: Long-standing members representing financial continuity. Their presence ensures that decisions—such as the exit from the IFA sponsorship—are calculated based on financial risk rather than moral imperatives.¹⁵

2.3. Executive Leadership: The CEO Transition

The shift in Puma’s leadership from Bjørn Gulden to Arne Freundt (CEO since late 2022) marked a pivotal moment in the company’s handling of the Israel file.

• Bjørn Gulden: Presided over the initial signing of the IFA contract in 2018 and the height of the BDS campaign. His tenure was marked by a stubborn refusal to engage with activists, treating the boycott as a “nuisance”.¹⁶
• Arne Freundt: Oversaw the termination of the IFA contract. However, his public communications have consistently attempted to decouple the decision from the BDS movement, stripping the move of any moral weight regarding Palestinian human rights. He framed the decision as part of a “fewer-bigger-better” strategy, a euphemism for cutting liabilities.¹⁷ This rhetorical strategy indicates that while the action (exit) was taken, the ideology (indifference) remains unchanged.

Governance Assessment: The ideological risk for Puma does not stem from an overt Zionist ideology of the Pinault family, but rather from a “Commercial Indifference” model. The governance structure prioritizes brand expansion and market penetration over political neutrality, allowing regional managers (like those in Israel) to embed the brand into settlement economies without intervention from headquarters until reputational damage becomes critical.

3. The “Safe Harbor” Test: Comparative Geopolitical Crisis Management

A critical metric for political bias is the consistency of a corporation’s response to violations of international law. The “Safe Harbor” test compares Puma’s reaction to the Russian invasion of Ukraine (2022) against its reaction to the Israeli bombardment of Gaza (2023-2024). This comparative analysis reveals the company’s true geopolitical alignment.

3.1. The Russia Precedent (2022): Immediate Moral Action

Following the Russian invasion of Ukraine in February 2022, Puma acted with speed, decisiveness, and moral clarity. The corporate machinery mobilized to exit a major market based on ethical grounds.

• Timeline of Exit: On March 5, 2022—less than two weeks after the invasion began—Puma announced the suspension of operations at all of its 100+ stores in Russia.¹⁹
• Operational Cessation: The company halted all deliveries to Russia and suspended its e-commerce activities. Crucially, it also suspended its contract with the Russian Basketball Federation, mirroring the suspension of the IFA contract but doing so immediately upon the outbreak of conflict.²²
• Rhetoric of Tragedy: The company explicitly linked the decision to the “tragedy in Ukraine” and the safety of its employees. The 2022 Annual Report unequivocally cited “Russia’s invasion of Ukraine” as the trigger for suspending activities, framing the aggressor clearly.¹⁶
• Humanitarian Commitment: Puma engaged in direct humanitarian aid, providing housing, financial support, and jobs for Ukrainian staff and refugees in Germany and Poland. The “People First” attitude was deployed to justify the loss of revenue from the Russian market.²⁴

Insight: In the case of Russia, Puma established a precedent that illegal aggression and violations of territorial sovereignty are grounds for immediate market withdrawal. This response set a high bar for Corporate Social Responsibility (CSR) in conflict zones.

3.2. The Gaza Response (2023-2024): The “Safe Harbor” of Complicity

In stark contrast, Puma’s response to the crisis in Gaza and the West Bank—characterized by the ICJ’s plausibility ruling on genocide and ongoing settlement expansion—has been characterized by denial, deflection, and delayed tactical maneuvering.

• Timeline of Delay: Throughout the initial months of the 2023 bombardment, Puma maintained its sponsorship of the Israel Football Association (IFA). The announcement to end the sponsorship came in December 2023, but the termination was not effective until 2024, allowing the brand to remain visible during the conflict.¹⁷
• Rhetoric of Commerce: Puma’s leadership went to great lengths to deny any moral motivation. A spokesperson stated the decision was “unrelated to consumer boycott calls against Israel amid the Gaza war” and was based purely on a “fewer-bigger-better strategy” decided in 2022.¹⁷ The contrast is jarring: Russia was a “tragedy”; Gaza was a “commercial review.”
• Operational Persistence: Unlike the Russia scenario, where 100 stores were shuttered, Puma did not suspend operations at its retail locations in Israel. Distribution continued uninterrupted via Irani Corp. There was no suspension of deliveries, no closing of the Factory 54 channels, and no public condemnation of the destruction of Palestinian sports infrastructure.²⁶

3.3. Analysis of the Discrepancy

The “Safe Harbor” test reveals a Critical Failure in Puma’s political risk governance.

Conclusion: This discrepancy confirms that Puma’s governance creates a “Safe Harbor” for Israeli state actions. By treating the occupation and bombardment as standard business risks rather than violations of international norms comparable to Russian actions, Puma exhibits a profound ideological bias. This “Safe Harbor” allows the company to maintain revenue streams in Israel that it voluntarily sacrificed in Russia, prioritizing political expediency over universal human rights standards.

4. The Core of Complicity: Sponsorship of the Israel Football Association (IFA)

For five years (2018–2024), Puma was the single most visible international corporate sponsor of the Israel Football Association (IFA). This sponsorship was not merely a sports deal; it was a political act that drove the global BDS campaign against the brand.

4.1. The Legal and Moral Conflict

The IFA is not merely a sports federation; it is a mechanism of state integration and normalization. The IFA governs and incorporates football clubs located in illegal Israeli settlements in the occupied West Bank.²⁵

• The Settlement Clubs: Teams from settlements such as Ma’ale Adumim, Ariel, Kiryat Arba, Givat Ze’ev, Bika’at HaYarden, and Oranit play in IFA leagues.²⁸
• Violation of International Law: The UN Security Council (Resolution 2334) and the Fourth Geneva Convention define these settlements as illegal. Human Rights Watch has documented that IFA games are often played on seized Palestinian land, denying access to the local Palestinian owners of that land.²⁸
• The Legitimacy Transfer: By sponsoring the IFA, Puma provided international legitimacy to the settlement enterprise. The brand’s logo appeared on the kits of players who represent a league that normalizes the erasure of the Green Line. This sponsorship effectively “whitewashed” the occupation through the prestige of global sports.

4.2. The “Sportswashing” Mechanism

Puma’s branding appeared on the kits of Israeli national teams, effectively “sportswashing” the occupation. The brand utilized “One Team” rhetoric to gloss over the apartheid reality where Palestinian movement is restricted while settlement teams enjoy full integration into the Israeli league system.

• Strategic Deflection: When pressed by activists, Puma argued it only sponsored the “National Team,” not the settlement clubs directly.³¹ This is a distinction without a difference. The IFA is the governing body for all clubs. Puma funds flowed into the IFA’s general budget, thereby indirectly subsidizing the administrative and logistical costs of maintaining settlement leagues. Furthermore, the “National Team” represents the state entity that enforces the occupation.

4.3. The Termination (December 2023)

Puma announced the non-renewal of the contract in December 2023.²⁵ While Puma claimed this was a commercial decision made in 2022, the timeline and context suggest intense external pressure was the decisive factor.

• BDS Victory: The BDS movement and the Palestine Solidarity Campaign (PSC) view this as a direct result of years of protests, store closures, and lost contracts. The campaign successfully made the Puma brand “toxic” in certain markets.²⁷
• The Leaked Memo Strategy: The news was “leaked” to the Financial Times via internal memos in December 2023.²⁵ This timing—during the height of the Gaza bombardment—was likely a calculated move to distance the brand from the conflict without admitting fault. The memo claimed the decision was taken in 2022, a convenient narrative that allows Puma to save face while exiting a liability.
• The Successor: The contract was reportedly picked up by Erreà, a smaller Italian brand.³⁴ This indicates that major global brands (Nike, Adidas) now view the IFA asset as a reputational hazard due to the precedent set by the campaign against Puma.

5. Operational Complicity: The Supply Chain and Distribution

While the IFA sponsorship headline has passed, Puma’s operational footprint in Israel remains a vector of complicity through its distribution network. The company has shifted from a direct subsidiary model to an outsourced distributor model, a tactic often used to shield parent companies from liability.

5.1. The Distributor Switch: Delta Galil to Irani Corp

Until 2020, Puma’s exclusive licensee was Delta Galil Industries. This partnership was highly controversial.

• Delta Galil’s Status: Delta Galil is listed on the UN Human Rights Council’s database of companies operating in illegal settlements.²⁸ The company maintains branches, warehouses, and production facilities in West Bank settlements like Ma’ale Adumim and Pisgat Ze’ev.³⁵
• Puma’s Knowledge: By partnering with Delta Galil, Puma was knowingly integrating settlement industrial zones into its supply chain.

In 2021, Puma switched its licensee to Al Srad Ltd., a subsidiary of the Irani Corporation (owner of the Factory 54 chain).²⁸

• The “Shell Game”: BDS activists argued this was merely swapping one complicit partner for another.³⁷ The switch allowed Puma to sever ties with a UN-listed company (Delta Galil) while maintaining market access through a partner with similar, albeit less publicized, entanglements.

5.2. Irani Corp / Factory 54: The Mamilla Complicity

The partnership with Irani Corporation creates a new, specific form of complicity related to the annexation of East Jerusalem.

• The Mamilla Mall (Alrov Mamilla Avenue): Factory 54 operates a flagship store in the Mamilla Mall.³⁸
  • Geopolitical Context: This mall is located in the “No Man’s Land” area of the 1949 Armistice Line. It is built on the grounds of the historic Mamilla Cemetery, an ancient Muslim burial ground. The development of this mall is widely viewed as a key infrastructure project in the “unification” (annexation) of East Jerusalem, effectively erasing the Green Line and gentrifying occupied territory.
  • Operational Complicity: By selling products in this specific location, Puma participates in the economic normalization of annexed territory. The store generates revenue from land that is contested under international law.
• Settlement Delivery Network: Factory 54’s e-commerce platform (which sells Puma products) delivers to illegal settlements in the West Bank and Golan Heights.⁴⁰ This logistical support ensures that settlers have seamless access to global brands, reinforcing the normalcy of their presence in occupied territory.
• The SKIMS Parallel: Irani Corp is currently facilitating the entry of Kim Kardashian’s SKIMS brand into Israel, explicitly targeting settlement populations via its logistics network.⁴¹ This demonstrates that Irani Corp is an active agent in expanding the “Settlement Lifestyle” market, and Puma is a key partner in this ecosystem.

5.3. Direct Subsidiaries vs. Distributors

Historical data indicates Puma established a “100% subsidiary” in Israel in 2013.⁴³ However, the 2023 Annual Report lists “Puma Sport Israel Ltd.” as “In Liq” (Liquidation).²⁶

• Governance Shielding: This move to a fully outsourced model via Al Srad allows Puma to claim “no direct operations” in settlements, shifting the liability to the distributor. This is a classic “Governance Shielding” tactic used by multinationals to maintain market access while evading direct accountability for local violations. While legally distinct, the moral complicity remains: Puma profits from sales generated in settlements, regardless of who drives the delivery truck.

6. Internal Policy and Corporate Culture

An audit of internal communications and policy enforcement reveals a corporate culture where “Neutrality” functions as “Compliance with Oppression.”

6.1. Staff Disciplining and “Neutrality”

While widespread reports exist of tech and media companies firing staff for pro-Palestine views, evidence of specific Puma employees being fired solely for wearing Palestine badges is anecdotal in the gathered intelligence. However, the general corporate atmosphere suggests a rigid enforcement of “neutrality.”

• Store Closures as Policy: Puma store staff in London and other cities faced regular protests, forcing store closures.⁴⁴ Management’s response was to utilize security and close operations rather than engage with the issues raised. This treats valid human rights grievances as security threats rather than ethical challenges.
• Leaked Internal Memos: Leaked memos from 2021 acknowledged that the “situation” (IFA sponsorship) was causing friction with “business partners and ambassadors”.²⁸ Puma’s internal strategy was to “evaluate” partnerships, eventually leading to the exit. This proves that activist pressure breached the boardroom, forcing a change in policy despite public denials. The “neutrality” policy was effectively a gag order to prevent staff from validating the protesters’ claims.

6.2. The Hypocrisy Gap: “Forever Faster” vs. Apartheid

Puma markets itself under the slogan “Forever Faster” and promotes “Universal Equality” (e.g., the #REFORM campaign with Tommie Smith).⁴⁵

• Marketing Dissonance: Marketing campaigns celebrating Black Lives Matter (BLM) and anti-racism in the US were active simultaneously with the sponsorship of the IFA, which segregates Palestinian players and normalizes apartheid structures.
• BDS Reaction: Activists successfully leveraged this hypocrisy, using Puma’s own “social justice” language against it. The “Give Puma the Boot” campaign highlighted that a company cannot champion equality in Oregon while funding segregation in the West Bank.⁴⁶ This dissonance creates a Reputational Risk, as socially conscious consumers (Gen Z) are increasingly sensitive to corporate hypocrisy.

7. Lobbying and Institutional Ties

7.1. Trade Chambers: AHK Israel

German companies are structurally embedded in the German-Israeli Chamber of Industry & Commerce (AHK Israel). While Puma is not explicitly listed as a board member in the provided snippet ⁴⁷, the company’s deep market penetration and former subsidiary status imply integration into this bilateral trade framework. The AHK actively promotes business trips and “tech scouting” in Israel, often blurring the lines between Israel proper and the settlement economy.⁴⁸ Puma’s participation in this ecosystem normalizes trade relations that do not distinguish between the state and its occupied territories.

7.2. “Brand Israel” Events

The audit found no direct evidence of Puma sponsoring “Brand Israel” propaganda events or “Innovation Days” explicitly. However, the sponsorship of the National Football Team is, by definition, a “Brand Israel” activity. National sports teams are primary vehicles for soft power and international normalization. By outfitting the team, Puma effectively designed the uniform for Israel’s international image during a period of active settlement expansion. This constitutes a form of “Soft Lobbying,” enhancing the state’s prestige on the global stage.

8. The BDS Campaign Impact Assessment

It is essential to quantify the impact of the boycott to understand Puma’s strategic pivot. The audit confirms that the Boycott, Divestment, and Sanctions (BDS) movement was the primary driver of Puma’s strategic retreat.

• Financial Materiality: The campaign caused tangible financial damage and loss of opportunities.
  • Loss of Contracts: Liverpool FC and Chester FC declined to renew or sign with Puma due to fan pressure citing the IFA sponsorship.²⁷
  • Retail De-shelving: O’Neills, Ireland’s largest sportswear chain, removed Puma products from shops in 2023.²⁷
  • Institutional Boycotts: Universiti Teknologi MARA (UiTM), Malaysia’s largest university, ended a sponsorship deal with Puma.⁵⁰
• Reputational Toxicity: The “Boycott Puma” hashtag trended globally during the 2021 and 2023 escalations. The association with “Apartheid” became a sticky brand attribute that marketing could not shake.³³
• The Outcome: The termination of the IFA contract in 2024 is a functional victory for the boycott. Whether Puma admits it or not, the liability became too great to sustain.

9. Conclusion: Political Complicity Assessment

Based on the intelligence gathered, Puma SE acts as a Reluctant Enabler. The company does not appear to have an ideological Zionist agenda at the ownership level. However, its behavior exhibits High Commercial Complicity driven by a governance failure to apply consistent ethical standards across all markets.

9.1. Summary of Findings Matrix

9.2. The Verdict

Puma has recently moved from Active Complicity (IFA Sponsor) to Passive Complicity (Distributor Model).

• The Exit is Real but Cynical: The decision to drop the IFA was a calculation of risk vs. reward. The brand heat from the BDS campaign finally outweighed the value of the Israeli market.
• The Supply Chain Remains: As long as Puma products are exclusively distributed by Irani Corp/Factory 54, the brand continues to generate revenue through channels that physically encroach on occupied land (Mamilla) and service illegal settlements.

Audit Rating: HIGH COMPLICITY (Trending Down).

While Puma has severed its most controversial tie (IFA), its refusal to acknowledge the moral grounds of that decision, coupled with its continued presence in occupied East Jerusalem via its distributor, prevents a “Clean” rating. The company remains a valid target for scrutiny until it ensures its distributor ceases operations in illegal settlements.

9.3. Recommendations for Future Monitoring

1. Monitor the “Fewer-Bigger-Better” Strategy: Verify that Puma does not re-enter the Israeli market via other “non-national” sponsorships to bypass scrutiny.
2. Track Factory 54 Expansion: Monitor the opening of new Factory 54 stores in settlement blocks, which would renew Puma’s liability.
3. Watch the “Safe Harbor” Metric: Observe if Puma engages in any humanitarian aid for Gaza comparable to its Ukraine initiatives. A continued lack of aid confirms the “Double Standard” bias.

Works cited

1. Anta Sports weighs Puma bid as Chinese and Japanese rivals circle, accessed on December 7, 2025, https://www.retail-insight-network.com/news/anta-sports-potential-puma-bid/
2. Pinault will not sell Puma for now: News and Impacts – nss magazine, accessed on December 7, 2025, https://www.nssmag.com/en/fashion/42364/pinaults-puma-29-percent-sale-news
3. Groupe Artémis – Wikipedia, accessed on December 7, 2025, https://en.wikipedia.org/wiki/Groupe_Art%C3%A9mis
4. It’s official: French tycoons finalise €300m donations for fire-ravaged Notre Dame, accessed on December 7, 2025, https://www.theartnewspaper.com/2019/09/26/its-official-french-tycoons-finalise-euro300m-donations-for-fire-ravaged-notre-dame
5. accessed on December 7, 2025, https://baltimorejewishlife.com/ajax/ajaxFrontPageFeed.php?timestamp=1555444768&widgetId=184&pirsomCount=230
6. More articles – Baltimore Jewish Life, accessed on December 7, 2025, https://baltimorejewishlife.com/ajax/ajaxFrontPageFeed.php?timestamp=1555434925&widgetId=1504&pirsomCount=1880
7. ARTEMIS ANNOUNCES ACQUISITION OF DIAMOND ANTENNA AND MICROWAVE CORPORATION – PR Newswire, accessed on December 7, 2025, https://www.prnewswire.com/news-releases/artemis-announces-acquisition-of-diamond-antenna-and-microwave-corporation-302305825.html
8. Diamond Antenna and Microwave Corporation Named Exporter of – GlobeNewswire, accessed on December 7, 2025, https://www.globenewswire.com/news-release/2024/06/11/2897082/0/en/Diamond-Antenna-and-Microwave-Corporation-Named-Exporter-of-the-Year-for-Massachusetts-and-New-England-Subcontractor-of-the-Year-for-Region-1.html
9. info@a-dtech.com – Diamond Antenna and Microwave Corporation, accessed on December 7, 2025, https://diamondantenna.com/wp-content/uploads/2024/10/Rep-List-Domestic-10-08-2024.pdf
10. Mintz Advises Diamond Antenna and Microwave Corp. on Acquisition of Antenna Associates, accessed on December 7, 2025, https://www.mintz.com/insights-center/news-press/mintz-advises-diamond-antenna-and-microwave-corp-acquisition-antenna
11. About – Groupe Artemis, accessed on December 7, 2025, https://www.groupeartemis.com/en/presentation/group
12. Artemis Capital Partners CEO and Key Executive Team – Craft.co, accessed on December 7, 2025, https://craft.co/artemis-capital-partners/executives
13. Héloïse Temple-Boyer | Board of Directors – Kering, accessed on December 7, 2025, https://www.kering.com/en/group/our-governance/board-of-directors/heloise-temple-boyer/
14. HÉLOÏSE TEMPLE-BOYER – PUMA, accessed on December 7, 2025, https://about.puma.com/sites/default/files/media/media-download/files/htb-english_0.pdf
15. Members of the Management Board and Supervisory Board and their mandates, accessed on December 7, 2025, https://annual-report.puma.com/2024/en/consolidated-financial-statements/members-of-the-management-board-and-supervisory-board-and-their-mandates/index.html
16. Half-Year Financial Report January – June 2022 | PUMA, accessed on December 7, 2025, https://about.puma.com/sites/default/files/financial-report/2022/q2-2022-half-year-financial-report-0.pdf
17. Puma to end sponsorship of Israel’s national football team in 2024 – Al Jazeera, accessed on December 7, 2025, https://www.aljazeera.com/news/2023/12/12/puma-to-end-sponsorship-of-israels-national-football-team-in-2024
18. Israel Loses National Soccer Team Sponsorship In 2024, Why Puma Said It Wasn’t Because Of Boycotts, War In The Middle East | Nasdaq, accessed on December 7, 2025, https://www.nasdaq.com/articles/israel-loses-national-soccer-team-sponsorship-in-2024-why-puma-said-it-wasnt-because-of
19. #LeaveRussia: Puma is Temporarily Pausing Operations in Russia, accessed on December 7, 2025, https://leave-russia.org/puma
20. Under Armour, Puma, Helly Hansen And Canada Goose Suspend Operations In Russia, accessed on December 7, 2025, https://sgbonline.com/canada-goose-helly-hansen-and-puma-suspend-operations-in-russia/
21. Western sanctions against Russia are ‘declaration of war’ – Putin – The Jerusalem Post, accessed on December 7, 2025, https://www.jpost.com/business-and-innovation/banking-and-finance/article-700392
22. Puma temporarily closes its stores in Russia – ET Retail, accessed on December 7, 2025, https://retail.economictimes.indiatimes.com/news/apparel-fashion/sportswear/puma-temporarily-closes-its-stores-in-russia/90028876
23. Statement regarding the Business Development and the Overall Situation of the Group | Puma AR 2022, accessed on December 7, 2025, https://annual-report.puma.com/2022/en/combined-management-report/statement-regarding-the-business-development-and-the-overall-situation-of-the-group/index.html
24. Overview 2022 – PUMA Annual Report 2024, accessed on December 7, 2025, https://annual-report.puma.com/2022/en/combined-management-report/overview-2022/index.html
25. Palestine/Israel: PUMA announces end of sponsorship of Israel Football Association after years of boycott pressure over complicity in illegal settlements in Palestine – Business and Human Rights Centre, accessed on December 7, 2025, https://www.business-humanrights.org/en/latest-news/palestineisrael-puma-announces-end-of-sponsorship-of-israel-football-association-after-years-of-boycott-pressure-over-complicity-in-illegal-settlements-in-palestine/
26. Notes to the Consolidated Financial Statements | Puma Annual Report 2023, accessed on December 7, 2025, https://annual-report.puma.com/2023/en/consolidated-financial-statement/notes-to-the-consolidated-financial-statements/index.html
27. Puma drops sponsorship of Israeli Football Association | Ethical Consumer, accessed on December 7, 2025, https://www.ethicalconsumer.org/fashion-clothing/puma-drops-sponsorship-israeli-football-association
28. Puma SE | AFSC Investigate, accessed on December 7, 2025, https://investigate.afsc.org/company/puma
29. Boycott Puma | BDS Movement, accessed on December 7, 2025, https://bdsmovement.net/boycott-puma
30. The Israeli Occupation Industry – Paz Energy – Who Profits, accessed on December 7, 2025, https://www.whoprofits.org/companies/company/3703
31. Palestine: PUMA faces consumer boycott over brands’ partnership with Israeli Football Association – Business & Human Rights Resource Centre, accessed on December 7, 2025, https://www.business-humanrights.org/de/neuste-meldungen/palestine-boycott-puma-campaign-launched-over-brands-partnership-with-israeli-football-association/
32. We forced PUMA to end Israel ties. Here is what we learned – The New Arab, accessed on December 7, 2025, https://www.newarab.com/opinion/we-forced-puma-end-israel-ties-here-what-we-learned
33. Here’s Why PUMA Leaked News That It Won’t Be Renewing Its Sponsorship of Team Apartheid Israel | BDS Movement, accessed on December 7, 2025, https://bdsmovement.net/news/heres-why-puma-leaked-news-it-wont-be-renewing-its-sponsorship-team-apartheid-israel
34. Israel Football Association Loses Yet Another Sponsor – BDS Movement, accessed on December 7, 2025, https://bdsmovement.net/news/israel-football-association-loses-yet-another-sponsor
35. List of companies operating in West Bank settlements – Wikipedia, accessed on December 7, 2025, https://en.wikipedia.org/wiki/List_of_companies_operating_in_West_Bank_settlements
36. AL SRAD LTD – Israel Company Information, accessed on December 7, 2025, https://www.kycisrael.com/companies/511199291/al-srad-ltd/
37. Expert insight: Puma sponsorship of Israeli teams highlights the double standard in international football – Western News, accessed on December 7, 2025, https://news.westernu.ca/2022/11/expert-insight-puma-sponsorship-of-israeli-teams-highlights-the-double-standard-in-international-football/
38. Puma Swaps One Complicit Israeli Distributor for Another, Maintains Support for Israel’s Violent Land Grabs | BDS Movement, accessed on December 7, 2025, https://bdsmovement.net/news/puma-swaps-one-complicit-israeli-distributor-for-another-maintains-support-for-israels-violent
39. DIESEL STORE JERUSALEM MAMILA MALL | Diesel Official Stores., accessed on December 7, 2025, https://global.diesel.com/store-detail/diesel-store-jerusalem-mamilla-bulv-
40. Take Action: Lululemon Dressing up Apartheid! – Just Peace Advocates, accessed on December 7, 2025, https://www.justpeaceadvocates.ca/take-action-lululemon-dressing-up-apartheid/
41. Skims, Shapewear, and the Shape of Power – Slow Factory — Everything is Political, accessed on December 7, 2025, https://everythingispolitical.com/readings/skims-shapewear-and-the-shape-of-power
42. Kim Kardashian’s SKIMS to open up to 15 stores across Israel by 2026 : r/popculturechat, accessed on December 7, 2025, https://www.reddit.com/r/popculturechat/comments/1oq9t28/kim_kardashians_skims_to_open_up_to_15_stores/
43. PUMA SETS UP 100% SUBSIDIARY IN ISRAEL, accessed on December 7, 2025, https://about.puma.com/en/newsroom/news/puma-sets-100-subsidiary-israel
44. Pro-Palestine protesters force Puma store to close on Carnaby Street – YouTube, accessed on December 7, 2025, https://www.youtube.com/watch?v=DgUQfOWia5o
45. Puma celebrates Black Power while supporting Israel’s war crimes | The Electronic Intifada, accessed on December 7, 2025, https://electronicintifada.net/blogs/ali-abunimah/puma-celebrates-black-power-while-supporting-israels-war-crimes
46. Puma Day of Action – Palestine Solidarity Campaign, accessed on December 7, 2025, https://palestinecampaign.org/puma-day-of-action/
47. Board of Directors – AHK Israel, accessed on December 7, 2025, https://israel.ahk.de/en/about-us/board-of-directors
48. Israel – AHK.de, accessed on December 7, 2025, https://www.ahk.de/en/locations/europe/israel
49. German-Israeli Chamber of Industry & Commerce, accessed on December 7, 2025, https://israel.ahk.de/en
50. BDS hails Puma’s decision to end Israeli football sponsorship – The New Arab, accessed on December 7, 2025, https://www.newarab.com/news/bds-hails-pumas-decision-end-israeli-football-sponsorship