Adidas, Puma Eye Running Shoe Revival as Tariff Threats Loom

Running could turn around the fortunes of Puma SE and Adidas AG as they look to make up ground lost to new upstarts before US tariffs start to bite.

The German sneaker makers are renewing their focus on running shoes to drive growth after losing market share in the category to smaller rivals like Deckers Outdoor Corp.-owned Hoka and Roger Federer-backed On Holding AG. Reviving demand is seen as critical for the companies, whose share prices have been battered in recent months, to cushion the impacts of potential US tariffs on key supply hubs.