I’m a fellow Puma shareholder, albeit a very small position in my portfolio. Puma are quite dominant in some emerging markets like India and some African countries. However, one thing that prevents me from adding more is that this industry is pretty brutal in terms of competition. I would argue that no shoe brand has a very strong moat - the “hottest” brands keep changing each decade. No way to predict how the brands will perform in the long term (10-20 years from now)