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Puma V-ECON

ECONOMIC AUDIT UPDATED 2026-05-19
V-ECON Score 0.83 /10 E Puma — BDS-1000 168
V-ECON 0.83

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

V-ECON Audit: Puma

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. Since 2021, Puma’s exclusive Israeli licensee is Al Srad Ltd. (operating as Irani Corporation), which handles all distribution and retail operations within Israel 34.

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 5.

Parent & Beneficial Ownership Flows: Puma SE serves as the parent company, headquartered in Herzogenaurach, Germany, and is traded on the Frankfurt exchange under DE0006969603 6. The major shareholder is Artemis (holding 30% equity), representing the French Pinault family and Kering corporate interests 6. 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 operates retail stores in Israel through its exclusive licensee Al Srad (Irani Corporation), which operates the Factory 54 retail chain comprising approximately 110 stores (65 mono-brand and 45 multi-brand locations) 7. Puma reopened a flagship store at Tel Aviv Port (900 square meters, Hangar 9) in 2024 8. Factory 54 invested NIS 30 million in a 2,000 square meter flagship complex at Ramat Aviv Mall 9.

Employment & Tax Contribution: Puma Sport Israel Ltd. (the liquidated subsidiary) served as the employing entity for operations in Israel. Specific workforce size and tax registration details are not publicly disclosed in available filings.

Market Positioning: Puma reports revenue by the EEMEA segment (Eastern Europe, Middle East, and Africa), which totaled €1.74 billion in 2024 10. Israel-specific revenue is not disclosed separately within the financial statements 10.

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.

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 611. 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 11.

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 10.

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” 121314.

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 15. The sponsorship was terminated effective end of 2024, with Puma announcing the decision in December 2023 151617.

Maccabi Tel Aviv Football Club: Puma signed a 3-year kit sponsorship deal with Maccabi Tel Aviv starting for the 2025/26 season, announced in May 2025, with official kit launch in July 2025 1819.

Maccabi Tel Aviv Basketball: Puma signed a 5-year, multi-million euro partnership with Maccabi Tel Aviv basketball club 20.

IFA Context: The Israel Football Association includes 6 clubs located in illegal West Bank settlements within its organizational structure 21.

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 422.

End Notes

Footnotes

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

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

  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://about.puma.com/en/innovation-0 ↩

  6. https://annual-report.puma.com/2024/en/consolidated-financial-statements/members-of-the-management-board-and-supervisory-board-and-their-mandates/index.html ↩ ↩2 ↩3

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

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

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

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

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

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

  13. 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 ↩

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

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

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

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

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

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

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

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

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