There are many reasons established brands may consider changing their name. Some of these key reasons will include: Merger or Acquisition, No longer accurate or limiting names, Quick Make-over, U-turn, Leveraging a stranger name, more user friendly and a host of others. Changing a strategic business focus in new and different directions from legacy markets can be a good reason to change a brand name. That is, of course, if the naming change will serve greater meaning, resonance, and value for consumers and customers.
Regardless of the strategic business issue driving a name change, established brands will always risk losing the brand equity associated with the original brand name. Risking brand equity and a loss of meaning is something a startup brand doesn’t have to worry about simply because there are no associations or equities in the minds of customers. With regards to what this may mean to the global brand, Puma recently changed its name to Puma.eth on its Twitter page.
Sneak Peek on Puma
Having a central objective to be “The Most Desirable and Sustainable Sportlifestyle Company”, PUMA’s position as one of the few, true multi-category brands is to be strengthened and the opportunities offered by the sport-lifestyle market are to be systematically exploited in all categories and regions. As a multi-category supplier, PUMA is active in categories and business fields/divisions that suit its unique brand positioning, and in which permanent value increases can be achieved for the company. This vision of the brand has formed the guiding principle for the brand’s global partnerships and commitments. Without having to tilt the levers of principles that the brand operates on, it’s set to build a world that is more peaceful, safer, and more creative than the world that we know today.
Its decision to change its name would surely not be a mere action, considering the several pivotal points which it hinges, even globally. Sports being a world to the brand makes it passionate about designing, developing, selling, and marketing footwear, apparel, and accessories. In the course of more than 70 years, PUMA has made history as a creator of fast product designs for the fastest athletes on the planet where it pushes out to more than 120 countries.
Born as Puma, Renamed as Puma.eth
Prior to the decision of the Brand to get a new name, the brand has shown indelible efforts to lead on more in its global voyage. its decision to sign in to the metaverse came with an element of surprise. The design company comes third after rivals like Nike and Adidas embraced similar trademarks in 2021. Marking its intention to enter into the metaverse, the giant retail company also set out to include virtual products as part of its catalog with its target on local, as well as international customers. This great stride taken by Puma will further include bringing in a managing partner to coordinate with Web3 companies.
At this point, no better words can be said that while the world keeps its fingers crossed, observing and noting the recent actions the brand has engaged, there could be more in the offing.