Monday, May 27, 2024

PUMA signs a licensing agreement with Formula 1

Sports company PUMA and Formula 1 have signed an agreement to make PUMA the official supplier at Formula 1 races, granting the brand the right to produce F1 branded apparel, footwear and accessories. PUMA will also equip Formula 1 staff at the track and create Formula 1 fanwear that targets the sport’s different audiences with exciting lifestyle and motorsport collections. The contract includes exclusive rights to sell F1 fanwear and fanwear of all ten teams around the race circuit starting in 2024.

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PUMA has a long and successful history in motorsport. It has developed fireproof overalls, race shoes and other high-performance racing gear for F1 drivers since the mid-80s, as well as team wear, fanwear and lifestyle collections for the sport’s most successful teams. Today, PUMA is the leading race gear and lifestyle collection provider in Motorsport with partners such as Mercedes AMG Petronas F1, Scuderia Ferrari, Alfa Romeo F1 Team Stake, BMW M Motorsport and Porsche Motorsport.

Formula 1 has seen a sharp rise in popularity recently, with its fanbase becoming younger and more diverse. Cumulative TV audiences have also grown to reach 1.5 billion viewers; race attendance also reached record levels in 2022, with the sport growing on social media. The partnership allows PUMA to augment its established dominance in the sport by appealing to a broader fan base, tapping into more diverse consumer groups and bringing the inspiration of on-track gear to off-track fashion.

Arne Freundt, CEO of PUMA, commented:

PUMA has become the most authentic and credible sports brand in motorsports and has the expertise to create the best products for the world’s leading drivers and teams and its fans. The influence of motorsport, and Formula 1 in particular, on sports- and streetwear culture has significantly increased in recent years. Our new partnership with Formula 1 is an exciting opportunity to explore this blend of motorsports and lifestyle further. PUMA has always sat at the intersection of sports and fashion. We feel we are in the perfect position to translate the culture of the sport into relevant streetwear collections and drive brand heat with a young, affluent, and diverse audience.

Stefano Domenicali, President and CEO of Formula 1, said:

As F1 continues to grow worldwide, we have been reaching new fans through exciting collaborations and are seeing the sport enter areas of mainstream culture we have not seen before. PUMA has a rich history in motorsport, making them the perfect fit for F1 as we take the sport’s apparel to the next level for fans on the street, drivers in the paddock, and everything else in between.

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PUMA’s subsidiary stichd, a company for licensed fanwear and legwear, bodywear and swimwear, will exclusively operate fan retail stores during race weekends. These shops will sell Formula 1 licensed products and replica team wear, fanwear, and special edition collections from all ten teams on the Formula 1 grid and F1 legends.

Nina Nix, CEO of stichd, added:

Selling fanwear at every F1 race is a fun and challenging project because the conditions at every track are different, from the hillsides of Zeltweg and Spa to Monaco and Baku city centres. No matter where the race is held, stichd will create a truly immersive fan experience beyond selling fanwear.

stichd will set up 65 mobile stores at more than 20 races in 19 countries, equaling more than 4,000 sqm of sales space. The stores are made from durable and lightweight materials to be transported efficiently from one event to the next.

The first PUMA x Formula 1 products will be available at PUMA stores worldwide and PUMA.com, starting February 2024.

The post PUMA signs a licensing agreement with Formula 1 appeared first on Paddock Magazine.

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