The new structure, which took effect on 1 November 2025, authorises ULAC to distribute Puma-branded socks, underwear, children’s apparel, and accessories in the US and Canada.
This transition follows Puma's announcement during its third quarter (Q3) results on 30 October. At that time, the company said it was considering a move to a licensing model with ULAC as part of a broader effort to “reduce complexity” in North America and direct greater focus towards its core activities in the region.
Under the previous joint venture, known as Puma United, Puma maintained a controlling 51% capital share.
United Legwear and its suppliers oversaw the manufacturing, transportation, and storage of products.
The financial terms of the new agreement with United Legwear have not been disclosed by either party.
According to the retailer, the shift to an exclusive licensing agreement is consistent with common market practices in North America, where third-party licensees frequently handle the production and sales of such goods.
Puma stated that this adjustment would result in a more efficient operating model and facilitate clearer financial reporting for investors and capital markets.
“Through this shift, Puma aims to create a leaner, more efficient business model while maintaining a strong brand presence in these categories via its valued long-term licensing partner,” the company said in a statement.
Owing to this change, Puma United will be categorised as a discontinued operation in Puma’s financial reporting from November 2025.
This will lead to restatements of current-year and prior-period figures, ensuring that Puma United’s results, assets, and liabilities are reported separately from those of ongoing operations.
For the 2024 financial year, sales generated by Puma United amounted to €427.9m ($497m), while net earnings attributable to non-controlling interests stood at €60.7m ($70.5m).
