Founding and Family Split
The story of Adidas and Puma begins with the Dassler brothers, Adolf and Rudolf, who started making sports shoes in Herzogenaurach, Germany, in the 1920s. Their company, Gebrüder Dassler Schuhfabrik, gained global attention when athletes wore their footwear at the 1936 Olympics, and by the 1940s the firm was one of the leading sports footwear producers in Europe source.
A bitter personal conflict led to a permanent split in 1948, with Rudolf founding Puma and Adolf registering the Adidas brand name in 1949. The brothers lived across the river from each other in Herzogenaurach and rarely spoke, turning the town into a symbol of the rivalry that shaped two of the world's most recognized sportswear companies source.
Ownership Structure and Public Listings
Adidas Ownership and Governance
Adidas AG is a publicly traded company listed on the Frankfurt Stock Exchange, with the largest shareholders historically including the Belgian holding company Artémis, the Saudi Arabia Public Investment Fund, and institutional investors source. As of the latest annual filing, Artémis remains a major voting shareholder, while the company's governance follows a dual board structure with a management board and a supervisory board.
Puma Ownership and Governance
Puma SE is also listed on the Frankfurt Stock Exchange, with Artémis as the controlling shareholder and a significant free float of shares held by institutional and retail investors source. The Kering Group previously held a major stake in Puma before reducing its position, and Artémis now exercises direct control over the company's strategic decisions.
Financial Performance and Market Position
Revenue and Profitability
Adidas reported annual revenue of roughly 22 billion euros in its most recent complete fiscal year, with operating margins affected by inventory adjustments, restructuring costs, and shifting consumer demand source. Puma's annual revenue has grown to over 8 billion euros, supported by strong performance in its running and football categories and a growing direct-to-consumer business.
Global Rankings and Brand Value
Both brands consistently rank among the most valuable sportswear companies globally, with Adidas often placed in the top tier of global apparel and footwear brands by Interbrand and Brand Finance