Correction over? The next doublers could be Puma and Veganz, while Nike and Adidas remain under pressure!

Veganz Group – Growth plans with new management

Berlin-based plant-based nutrition specialist Veganz is strategically focused on international growth, technology leadership, and sustainable food innovation. Following Jan Bredack's departure from the operating business on September 30, experienced manager Rayan Tegtmeier is taking over the role of CEO. His extensive expertise in business development, M&A processes, and capital market strategies will drive an ambitious realignment, as Veganz is positioned as a high-performance food technology holding company that aims to capitalize on global opportunities in plant-based nutrition.

The focus will be on the profitable scaling of established brand products, the development of new international growth markets, and the rapid expansion of technically innovative concepts such as Mililk® technology. This will be achieved through the efficient interaction of in-house production, licensing, and targeted investments in infrastructure and partnerships, including new production capacities in the US and the expansion of Austrian manufacturing.

Following the recent capital increase and thanks to planned divestments, Veganz is now in a much stronger financial position. The latest restructuring measures have streamlined processes and strengthened the resilience of the business model. Analysts continue to see considerable upside potential, as both the new cash position and the patent strategy reduce operational risks.

Tegtmeier has announced a strong strategic focus on efficient capital allocation and targeted investor relations efforts to attract institutional investors and help address the ongoing undervaluation of Veganz shares on the market. Co-founder and visionary, Jan Bredack, will remain the Company's largest shareholder and will be involved in OrbiFarm's promising indoor farming venture in the future. Following the strong rise in the share price at the end of July, the stock is currently consolidating at around EUR 17. Analysts at mwb Research have set a 12-month target of EUR 21.50, with an upgrade expected after the latest capital increase. Technically, the consolidation corridor of EUR 15 to 18 offers opportunities for additional purchases.

Puma – Deep in restructuring

Game over at Puma – No! The Company issued a drastic profit warning for the 2025 fiscal year and now expects currency-adjusted revenue to decline in the low double-digit range and EBIT to be negative. A far-reaching restructuring process entitled "nextlevel" was quickly launched to initiate the operational turnaround. As part of this, around 500 jobs will be cut worldwide, unprofitable stores will be closed, and one-off costs of up to EUR 75 million will be incurred. In return, strict cost discipline is intended to achieve an EBIT margin of 8.5% by 2027. A key element of the realignment was the change at the top: CEO Arne Freundt, who had led the Company since November 2022, stepped down in April 2025 following strategic differences with the Supervisory Board. Following a transition phase under CPO Maria Valdes, CFO Markus Neubrand, and new CCO Matthias Bäumer, Arthur Hoeld, a former Adidas executive with strong sales expertise, took over as CEO on July 1, 2025.

Under new leadership, Puma is now set to strategically reposition itself. The focus will be on performance products, reorganizing distribution channels, and a brand reset, which is to be presented by October 2025. The Company also plans to raise prices in the US to offset the tariff burden. Due to weak demand, high inventories, and negative currency effects, this will initially result in lower revenue. A heavy loss will therefore be unavoidable in 2025. mwb Research is lowering its rating to "Hold" with a 12-month price target of EUR 22. The consolidation may continue!

adidas versus Nike – Now tariffs come into play

The latest US tariffs on goods from Asia have hit both Nike and adidas hard, as both companies produce the majority of their shoes and sportswear in countries such as Vietnam, Indonesia, and China. Tariffs on Vietnamese imports, which are at the heart of both companies' supply chains, now stand at up to 46% for sporting goods, 32% for products from Indonesia, and 34% for products from China. This significantly increases import costs, which reduces margins and weakens the competitive position in the US market.

As a result, the shares of both companies reacted with double-digit losses in July. At adidas, the new costs are clouding the outlook so much that the Company has decided not to raise its forecast despite solid operational performance and has instead announced price adjustments in the US market. Nike, on the other hand, explicitly expects a significant decline in gross margin in the current quarter, also due to increased tariff costs and difficult production relocations. According to both companies, short-term price increases for shoes and clothing are considered "unavoidable" to compensate for the increased costs. Neither company can quickly relocate production to other countries or the US, as high-performance factories for technical sports shoes are located almost exclusively in Asia. This is where the negative effects of globalization are now becoming apparent.

These effects are already visible in the current quarterly figures: adidas is reporting additional costs of up to EUR 200 million in the US and is talking about clear margin pressure. Nike is pointing to a decline in quarterly margins and sees itself particularly affected by the US punitive tariff policy. Analysts assume that the average tariff burden for the industry in the US market will double and have a massive impact on profitability. The competitive situation remains tense, and the figures for the next few quarters will depend largely on how elastic US demand reacts to the inevitable price increases. The adjustment phase in valuations could therefore continue for several months. At present, we advise against investing in either stock.

The tariff shock is hitting brand-name sports goods manufacturers hard. They are facing several difficult quarters ahead. Alternative food producer Veganz is entering a new phase of expansion starting in the fourth quarter. The Berlin-based company's strategies have good chances of success, partly due to a production facility in the US.