Puma replaces Nike and is believed to pay some €750m over a period of ten years. Assuming this speculation is correct, the annual payments represent approximately 1.5% of Puma’s annual turnover of the next years. Adidas had signed a similar contract with Manchester United in 2014 and that contract was believed to be worth €1bn over a ten-year period. However, this annual amount represents ‘only’ 0.4% of the peer’s annual revenue number. Puma’s strategy ....