PUMA’s LEGACY
Puma’s legacy is a unique representation of the evolving world of CULTURE; Puma has diversified its brand across several genres of culture from fashion, art, music, and sports. For over 70 years the European sports brand has transcended the culture of business and sports forward with its rich heritage and cultural authenticity. Puma’s Global Director of Brand & Marketing Adam Petrick has become a pacemaker in his own right, guiding the unsung sports brand back to relevancy among competitors Nike, Adidas, and Under Armour.
Petrick’s history with Puma runs deep, he started with the company back in 1999 working as the Web Content Manager. During his early years at Puma Petrick witnessed the supreme dominance of industry leader Nike; Over 50% of athletes own a pair of Nike’s and choose them over any sports brand. Puma lost what could have been the biggest ambassadors in history; Vince Carter, Puma signed him to a 10-year 50 million contract in 1998. But, In 1999 Carter and Puma parted ways, as a result of this Puma decided to step away from the basketball market to rewrite history.
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To be brutally honest nobody cared about Puma, now in 2018 its a completely different narrative. The reinvention of Puma’s brand includes an extensive partnership with former Brooklyn Nets Owner and current Founder of Roc Nation Sean “JAY-Z” Carter. Through the extension of their partnership, JAY-Z will serve for Puma as the Creative Director of Puma Basketball. In 2018 Puma has returned to basketball with the huge successes of their @pumahoops campaign.
“Partnering with JAY-Z made a lot of sense to us because we believe that basketball is the sport that most merges the worlds of culture. ”
Petrick believes the reintroduction of Puma will strengthen their brand identity; Sports have the power to influence our world of culture from various different angles (music, art, and fashion). With JAY-Z onboard Puma now looks to conceptualize all ideas that aim to drive the culture forward. Petrick spoke highly about his business partner and their plans for Puma as they enter the space of the NBA and WNBA. Under the stewardship of Petrick and JAY-Z Puma has gained basketball relevancy again for the first time since 1998.
CLYDE EST. 1973
In 1973 Puma signed the voracious New York Knicks Guard Walt “Clyde” Frazier to a sneaker deal. At the time it created a lot of buzz for Puma because Frazier was the only NBA player who has a sneaker deal and his signature shoe. Also, Frazier was offered $5,000, which at the time wasn’t very lucrative but had the potential of something iconic. Frazier was sought on the opportunity to grow with PUMA and develop a lasting partnership; one that has been in existence for 45-years and counting.
Petrick mentioned that Frazier was the face of Puma and a large part of that was Clydes’s Uniqueness; he’s known for his charisma, high-fashion taste, and swagger. On the hardwood Frazier was a fierce competitor, his determination and defensive intensity lead the New York Knicks to their first-ever World Championship title. What a great success story for Clyde and Puma to sign to a sneaker deal and with a title is the same year; Talk about history being made. No one ever mentions the New York Knicks Championship run led by Legendary Willis Reed and Walt Frazier.
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“To understand the present you have to know about the past, so if you don’t know about your past you can get lost.”
Frazier’s Puma deal was influential and attracted several NBA stars including Isaiah Thomas, Ralph Sampson, Vince Carter, Tiny Archibald, Alex English, Cedric Ceballos, Greg McGinnis and more. The traction Puma had incredible and introduced the brand to the whole north-eastern market (NYC, BOS, PHIL, DC). Frazier was loved by every New Yorker and when he delivered the city a World Championship it only gave him even more credibility as an athlete. This was before the times of Michael Jordan, so when we look at the distinct heritage of sports culture Puma is the pacemaker in their own right.
History is all about creating a moment of triumph and successes but, it also includes a journey one must take to reach new heights. The Clydes were special sneakers because of the cultural influence it has on different communities. A large percentage of peoples who own a pair of Clydes were in urban communities and the hip-hop culture; Owning a pair of Clydes meant you were apart of the culture. The divine heritage of Frazier and the Clyde’s were monumental for Puma as a company and to show their commitment and appreciation in 2018 they offered Frazier with a lifetime contract reintroducing his sneaker as Puma basketball launched.
JAY-Z x PUMA BASKETBALL
As Puma reenters the basketball world Sean “JAY-Z” Carter will serve the brand as a Creative Director for their basketball division. JAY-Z has been publicly acknowledge for his cultural influence on pop culture is an advocate for urban culture. Aside from JAY-Z’s distinct connection to the world of culture, the strategic partnership between Puma and Roc Nation has aligned JAY-Z’s other ventures across the sports world. Through the Roc Nation umbrella, JAY-Z owns a preeminent sports agency in Roc Nation Sports in where he represents the biggest athletes in sports. Throughout the process, they’ve been able to secure high profile clients like Brooklyn Nets own Kevin Durant and Kyrie Irving. Also, Roc Nation Sports has created an infrastructure for its athletes and partners, which has maximized profitability opportunities.
Puma Basketball secured a partnership with the NBA and WNBA and it’s no secret that Founder of Roc Nation Sports is the nucleus of this. Also, In September 2019 JAY-Z announced his partnership with the NFL. It makes perfect sense for Petrick to have a partner as culturally invested in the world of sports like JAY-Z is on the puma team; he’s an asset for Puma as they reenter into the basketball market. For Puma Who’s a better pick to have than the guy who runs a preeminent sports agency) that represents the NBA’s megastars? The direct correlation that JAY-Z has with the world of sports has influenced Puma to take a more cultural-driven approach as they enter a new era with @pumahoops.
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“All of those things again we believe will come later as a result of doing the right things. It’s super important for you guys to know that.”
From the golden days of signing Frazier in 1973, Puma has given birth to a new generation of basketball athletes. The 2018 NBA Draft Puma opened doors for Puma after adding five lottery picks (Deandre Ayton, Marvin Bagley III, Kevin Knoxx, Michael Porter Jr., and Zhaire Smith) to their roster. Following the draft, Puma Basketball also added NBA athletes Demarcus Cousins, Rudy Gay, Kyle Kuzma, Terry Rozier, Marcus Smart, R.J. Barrett and WNBA All-Star Skylar Diggins-Smith. Also joining the loaded roster is NBA Skills Trainer Chris Brickley, Former NBA Player/ESPN Host Jalen Rose, and creator of the globally recognized “SHAMMGOD” crossover God Shammgod.
What do all these ambassadors have in common? They’re all connected to the evolving world the merges basketball with fountain of culture. Cultural authenticity is a secret ingredient that Puma uses to identify an ambassador, that’s how strategic things get for top brands across the sports market. Puma’s unique process in identifying ambassadors has been a combination of strategic planning and cultural authenticity and with JAY-Z and Petrick at the helm, it will be interesting to see who else decides to join Puma for years to come.
Pumas Basketball heritage has been years of unique challenges and uncertainty, despite of that JAY-Z links the successes of Puma Basketball campaign back to the New York Knicks Legend himself Clyde “Walt” Frazier. The two have developed a good relationship through the test of time and during the relaunch of their campaign Puma re-released Clyde’s new shoe (Clyde Hardwood). @pumahoops has gain traction across all social media platforms connecting their audiences to the future of the brand.
CLYDE EST. ‘73
Clyde signs a lifetime deal with Puma.
“We want to bring people into the puma world that are different looks and bring a different dimension to hhow we can activate and tell stories around basketball”
From a competitive standpoint, Puma has one-upped its competitors as JAY-Z unveiled the company’s private jet. Unlike their competitors (Nike, Under Armour, & Adidas), Puma grants all ambassadors with access to a variety of perks including the company’s private jet. As seen on social media several puma ambassadors have taken full advantage of travelling in a unique style; Literally. For Puma when it comes to recruiting they’ve been able to identify a unique selling point for potential members capitalizing on the competitive advantages of having its jet.
Puma Basketball has widened their focus and aims to have an imprint across all facets of culture (music, art, fashion), they’ve teamed up with iconic ambassadors that share cultural authenticity with their audiences. This is one-way brands can create the power of influence for their consumers. That’s the unique job Puma continues to sell and what sets them apart from their competitors. Under the guidance of JAY-Z Puma has joined the conversation in being an influential sports brand. While entering this new era Puma Basketballs aims to define the standard for the evolving sports culture.
CULTURAL CURRENCY
As PUMA continues to advance in the basketball world they’ve entered the culture of business. Sports is one is a unifying tool that connects with all facets of culture from fashion, music, and art. Since the reinvention of the brand, PUMA has teamed up with industry-leading Artists, Fashion designers, and entertainers across the globe. That long list of ambassadors includes Grammy-nominated artists Meek Mill, Big Sean, LA’s fallen soldier Nipsey Hussle and award winners J.Cole, Rhianna, and the Weekend. In today’s world, cultural relevancy has stemmed across social media platforms and with an added reach of 205,166,000 followers, Puma has capitalized off aligning their ambassadors with the world of culture. In 2019 Puma announced its partnership with LA-based Fashion Designer Rhuigi Villaseñor and the Rhude brand.
After its founding in 2015, Rhuigi has been responsible for transcending Rhude into a prominent streetwear brand in LA. His pieces are has a mixture of fashionable imported fabrics with a vintage essence to it. Rhude has circulated from the street of LA to the runways in Paris. In Early February, Rhuigi hosted his 1st show at PFW20. The unique partnership between RHUDE x Puma has produced fashionable sportswear and streetwear items. The highly anticipated SS20 collection released exclusively at participating retail stores (KITH, Rhude, and Farfetch).
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“What we get from PUMA is heritage, its something you can’t just wake up and make. Heritage is years of tough battles, ups and downs or having large key moments.”
Now turning a page over to the exponential growth of Puma. Global Director of Brand & Marketing Adam Petrick spoke with Forbes discussing the brand’s resurgences within the basketball market, collaborations, and working alongside business partner JAY-Z. Petrick highlights the company’s unique objectives and touchpoints in hopes of differentiating Puma from other competitors. According to Forbes, in three years period Pumas revenue growth is the highest among Nike, Adidas, and Under Armour; Stock market performance is at an all-time high. According to Pumas revenue report, they’ve maximized its profits, revenue growth and superior returns. In 2018 Puma scored double-digit growth across all regions and product categories with gross profit margins improved to 48.6%.
Three Year Stock Price Change
PUMA: 197%, Adidas 26%, Nike 91% , Under Armour -35%
Three Year Revenue Increase
PUMA: 46%, Adidas: 38%, Under Armour: 31%, Nike: 21%
The culture of sport and business has evolved with bigger company budgets and athletes being seen as global stars. Ultimately for Puma this slight advantage can maximize its closing percentages for athletes and become the split decision between signing with puma or leaving for Nike; Talk about the art of negotiation. As Puma’s core values begin to infused in the world of business Petrick continues to stay one step ahead of the curve.
“According to Morgan Stanley, 194 million people are expected to watch esports in 2019 and 79% are under the age of 35 years old”
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Art Graphics by: @tgq.inc
Written & Produced by: @tgq.inc
Special Thanks: @pumahoops, @forbes, @rocnation, @puma