Puma SE Unsponsored ADR
PUMSY
Consumer Discretionary
2
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Puma SE operates an extensive global supply chain sourcing apparel and footwear from manufacturing facilities in countries with active armed conflicts. The company’s 2024 annual report identifies operational and reputational risks associated with sourcing from regions experiencing political instability, civil unrest, or armed conflict, though it does not disclose specific facility locations or revenue exposure tied to these zones. For a company to avoid exclusion under this policy while operating in a conflict zone, an affirmative argument is required that the civilian population would be materially worse off without its service. Puma’s commercial production of sportswear does not constitute an essential civilian service like power or healthcare. The available evidence does not detail specific mitigation efforts or demonstrate that Puma’s presence in any conflict-affected area meets this essential-service threshold.
Puma SE is a multinational corporation whose operations include sourcing and manufacturing in occupied territories. The company has faced legal challenges regarding its activities in these regions. In March 2024, Puma SE was a party in a case before the Court of Justice of the European Union (Case C-450/23 P), seeking the annulment of a decision by the European Union Intellectual Property Office's Board of Appeal. While the specific details of this case are not fully public, its connection to EUIPO proceedings suggests it relates to territorial commercial registrations or branding, areas often contested in occupied territories. This legal action indicates the company's direct commercial engagement in these regions is significant enough to warrant formal intellectual property protection and subsequent legal defense.
Research Sources
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