Sneakers designed by Rihanna helped Puma SE report fourth-quarter earnings that topped analysts’ estimates.
The limited-edition “Creeper” shoes became the singer’s first footwear line for the German company when they went on sale in the second half of last year, bringing Puma attention on social media and in the press. A second line known as “Eskiva” followed in November, and the brand plans to introduce a full collection of shoes and apparel under the Fenty by Rihanna label later this year.
“She can sell sneakers and Puma is onto something here which we haven’t seen yet in the women’s area,” Chief Executive Officer Bjoern Gulden said at a press conference at the company’s headquarters Thursday.
Rihanna became Puma’s women’s creative director just over a year ago, helping the brand make inroads in the women’s market. That deal, and this summer’s Euro 2016 soccer tournament, could pad revenue in 2016, according to Berenberg analyst Zuzanna Pusz.
Puma’s 2015 fourth quarter earnings managed to surpass analyst predictions with €879 million (roughly $975 million) in sales, which are up 17.1 percent from fourth quarter 2014 and far beyond expert projections of €847.9 million.