Just a day after Adidas reported solid results, Puma said fourth-quarter sales rose 9.8% - below the 12% forecast by analysts.

And, while it’s a newer brand in the scheme of footwear companies, On boasts an impressive inventory of road running, trail running, lifestyle, hiking and outdoor, tennis and training and gym shoes.

Shares in Puma dropped 15% as the market opened on Thursday after the German sportswear brand reported lower than expected ...