MAM
Razorfish names Bharatesh Salian as Mumbai & Bangalore head
MUMBAI: Razorfish vice president Bharatesh Salian has been given the additional responsibility to oversee the agency’s Mumbai and Bangalore operations.
The move comes in the wake of Razorfish India senior vice president Manoj Mansukhani’s recent resignation. Salian will take over from Mansukhani with immediate effect.
Razorfish India CEO Charulata Ravi Kumar said, “It has been less than two months since Bharatesh joined Razorfish. However, his exemplary experience, meticulous planning and fine leadership abilities makes him the perfect candidate for taking over our Mumbai and Bangalore branches. I believe he will excel at the new role, which he in spirit was already performing since day one.”
“I am excited about this new role and leading the Mumbai and Bangalore offices. It is truly motivating to be given such immense responsibility and I am confident that I will be able to deliver Razorfish’s ambitious plans for India,” Salian added.
Prior to joining Razorfish, Salian was with VivaConnect as chief strategy officer.
Brands
PUMA Q1 profit jumps 19.6 per cent to €51.9m despite 6.3 per cent sales decline
Inventory clean-up and cost controls lift earnings as brand navigates transition year
HERZOGENAURACH: PUMA has kicked off 2026 on a steady note, reporting improved profitability in the first quarter even as sales slipped, signalling early progress in what it calls a transition year.
The German sportswear major posted sales of €1,863.8 million in Q1 2026, down 6.3 per cent on a reported basis. On a currency-adjusted basis, the decline was milder at 1.0 per cent, helped by ongoing inventory clearance efforts.
Profitability, however, told a more upbeat story. Gross profit margin rose 60 basis points to 47.7 per cent, driven by the reversal of inventory reserves, lower freight costs and a favourable channel mix. EBIT climbed 19.6 per cent to €51.9 million, despite €-12.6 million in one-time costs linked to a cost efficiency programme. Adjusted EBIT stood at €64.4 million, up from €61.3 million a year earlier.
Net profit from continuing operations surged to €26.5 million, a sharp jump from €1.1 million in Q1 2025, with earnings per share improving to €0.18. The financial result also improved significantly to €-15.6 million from €-38.5 million, aided by currency tailwinds.
Speaking on the performance, PUMA chief executive officer Arthur Hoeld said, “In the first quarter our athletes won 21 medals at the World Athletics Indoor Championships and set national records at the Berlin Half Marathon. Operationally, we were off to a solid start to our transition year in 2026. We have managed to reduce our inventory levels faster than planned, streamlined our product portfolio and addressed operational inefficiencies.”
Inventory reduction remained a central theme. Inventories fell 8.6 per cent to €1,898.0 million, while working capital dropped 9.7 per cent to €1,879.2 million. Trade receivables declined 20.3 per cent and trade payables were down 26.2 per cent, reflecting lower sales and purchasing volumes.
Regionally, performance was mixed. EMEA sales fell 10.4 per cent on a currency-adjusted basis to €774.5 million, impacted by weak demand and geopolitical tensions in the Middle East. The Americas grew 6.1 per cent (currency-adjusted) to €655.6 million, led by a strong 10.5 per cent rise in Latin America, though reported growth was hit by currency fluctuations. Asia Pacific emerged as a bright spot, growing 7.9 per cent to €433.8 million, supported by strong demand in Greater China and Southeast Asia.
By channel, wholesale revenue declined 2.8 per cent (currency-adjusted), while direct-to-consumer sales rose 3.8 per cent to €528.1 million. The DTC share increased to 28.3 per cent from 27.5 per cent last year, reflecting a sharper focus on owned retail and digital channels.
Product-wise, footwear sales dipped 2.3 per cent (currency-adjusted) to €1,089.6 million, though running and training categories showed strong growth. Apparel inched up 0.9 per cent to €546.3 million, aided by football and golf, while accessories remained broadly stable at €227.9 million.
Free cash flow, though still negative at €-201.4 million due to seasonality, improved significantly from €-737.6 million a year ago. Net debt rose to €1,357.6 million, but the company maintained financial flexibility with €1,104.7 million in cash and available credit lines.
Looking ahead, PUMA reaffirmed its full-year outlook. It expects currency-adjusted sales to decline in the low to mid single-digit range, with EBIT projected between €-50 million and €-150 million. Capital expenditure for 2026 is pegged at around €200 million, focused on digital infrastructure and DTC expansion.
PUMA chief executive officer Arthur Hoeld added, “For the remainder of the year, we will continue to focus on improving the quality of our distribution, cost base and cash management. In doing so, we are laying the foundations for future growth.”
With inventory clean-up ahead of schedule and operational efficiencies beginning to show, PUMA appears to be tightening its laces for a stronger run, even as macroeconomic and geopolitical uncertainties continue to test the track ahead.
