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PUMA should be doing more to help Jamaica — Hill
Al Edwards
Thursday, April 05, 2012
JOACHIM Zeitz, chairman of sporting goods and lifestyle giant PUMA, was the special guest at a forum put on by NCB at the Wyndham Hotel and ably moderated by the bank's general manager for marketing, communications and service delivery Sheree Martin last week.
Zeitz became PUMA's CEO at just 30 and was instrumental in turning around the fortunes of the company. When he took over in 1993 PUMA was close to being bankrupt. Zeitz brought it into profitability and kept it that way for succeeding years. Last year PUMA generated over ¤3 billion euros in total sales with footwear sales alone coming to ¤1.53 billion euros (an
increase of 51.2 per cent). Footwear accounts for about half of PUMA's sales.
Joachim Zeita, chairman of PUMA
Founded in 1948 in Germany, PUMA distributes its products in 120 countries and employs over 11,000 people across the world.
Addressing the audience of Jamaica's cognoscenti and business leaders, Zeitz said that PUMA was guided by four key principles, namely being fair, honest, positive and creative in decisions made and actions taken.
He said his mission was to take PUMA from a traditional sportswear company into a lifestyle brand that is perceived as being cool. Today PUMA is renowned, more so than its larger competitors Adidas and Nike, as a fashion sportswear brand.
PUMA sponsors both sprint superstar Usain Bolt and the Jamaica Amateur Athletic Association (JAAA). Bolt's current contract with PUMA comes to an end in 2013. Zeitz spoke of Puma's special relationship with Jamaica and the faith it kept with Usain Bolt after his misfortunes back in 2004. PUMA considered dropping him, because back then Bolt was seen as a bad bet but Zeitz decided to stick with him, no doubt impressed by the young man's potential.
Addressing the audience, Zeitz said: "The best thing we did could have been wrong, but somebody like Usain doesn't come along every day."
CEO and lead principal of New York-based television company Caribbean International Network (CIN) Stephen Hill said that while it was heartening to hear of PUMA's profits and success, perhaps because of Jamaica's contribution to its fortunes, the listed German company should invest in establishing apparel-making factories in Jamaica, thus giving back to the country in a meaningful way. Hill also suggested that PUMA's involvement in Jamaica could then become more integrated, from working with the athletes starting from the junior level all the way through to even manufacturing the kits in Jamaica.
Former Minister of Commerce and Industry Douglas Vaz, speaking with Caribbean Business Report yesterday, said: "Puma is a natural investor for Jamaica and therefore should be an easy sell. The company is clearly enjoying success from its association with Jamaica. The question is, how come an agency like JAMPRO cannot pursuade Puma to invest in Jamaica? The Government has the factory facilities in both St James and the Freezone in Kingston. Our ministers and JAMPRO should engage PUMA, show them our facilities, give it what it needs to invest here so that it can clearly show its commitment to our country. Yes, it can do more for Jamaica than ensure that our people look good while running fast."
Read more: http://www.jamaicaobserver.com/busin...#ixzz1rGiXAmx0
Al Edwards
Thursday, April 05, 2012
JOACHIM Zeitz, chairman of sporting goods and lifestyle giant PUMA, was the special guest at a forum put on by NCB at the Wyndham Hotel and ably moderated by the bank's general manager for marketing, communications and service delivery Sheree Martin last week.
Zeitz became PUMA's CEO at just 30 and was instrumental in turning around the fortunes of the company. When he took over in 1993 PUMA was close to being bankrupt. Zeitz brought it into profitability and kept it that way for succeeding years. Last year PUMA generated over ¤3 billion euros in total sales with footwear sales alone coming to ¤1.53 billion euros (an
increase of 51.2 per cent). Footwear accounts for about half of PUMA's sales.
Joachim Zeita, chairman of PUMA
Founded in 1948 in Germany, PUMA distributes its products in 120 countries and employs over 11,000 people across the world.
Addressing the audience of Jamaica's cognoscenti and business leaders, Zeitz said that PUMA was guided by four key principles, namely being fair, honest, positive and creative in decisions made and actions taken.
He said his mission was to take PUMA from a traditional sportswear company into a lifestyle brand that is perceived as being cool. Today PUMA is renowned, more so than its larger competitors Adidas and Nike, as a fashion sportswear brand.
PUMA sponsors both sprint superstar Usain Bolt and the Jamaica Amateur Athletic Association (JAAA). Bolt's current contract with PUMA comes to an end in 2013. Zeitz spoke of Puma's special relationship with Jamaica and the faith it kept with Usain Bolt after his misfortunes back in 2004. PUMA considered dropping him, because back then Bolt was seen as a bad bet but Zeitz decided to stick with him, no doubt impressed by the young man's potential.
Addressing the audience, Zeitz said: "The best thing we did could have been wrong, but somebody like Usain doesn't come along every day."
CEO and lead principal of New York-based television company Caribbean International Network (CIN) Stephen Hill said that while it was heartening to hear of PUMA's profits and success, perhaps because of Jamaica's contribution to its fortunes, the listed German company should invest in establishing apparel-making factories in Jamaica, thus giving back to the country in a meaningful way. Hill also suggested that PUMA's involvement in Jamaica could then become more integrated, from working with the athletes starting from the junior level all the way through to even manufacturing the kits in Jamaica.
Former Minister of Commerce and Industry Douglas Vaz, speaking with Caribbean Business Report yesterday, said: "Puma is a natural investor for Jamaica and therefore should be an easy sell. The company is clearly enjoying success from its association with Jamaica. The question is, how come an agency like JAMPRO cannot pursuade Puma to invest in Jamaica? The Government has the factory facilities in both St James and the Freezone in Kingston. Our ministers and JAMPRO should engage PUMA, show them our facilities, give it what it needs to invest here so that it can clearly show its commitment to our country. Yes, it can do more for Jamaica than ensure that our people look good while running fast."
Read more: http://www.jamaicaobserver.com/busin...#ixzz1rGiXAmx0
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