Puma shares rallied sharply in European trading after reports that China-based Anta Sports is exploring a potential takeover bid for the German sportswear group.
The jump in the stock followed a steep slide this year that left Puma’s market value more than halved and fueled speculation that a strategic buyer could step in.
The possible move by Anta, one of China’s biggest sportswear players, arrived as Puma worked through a difficult reset under its new chief executive Arthur Hoeld, who has been cutting costs and trying to revive brand heat.
Investors quickly latched on to the idea that fresh capital and a larger global platform might speed up Puma’s turnaround from declining sales and its expected full-year loss.
Why is Anta Sports circling Puma now?
Anta has been working with advisers to assess a formal bid for Puma and is said to be open to partnering with a private equity firm to share risk and financing.
The timing reflects a depressed valuation for Puma, whose market capitalization fell by more than 50 percent this year to roughly 2.5 billion euros, which makes it more affordable for a strategic buyer.
The Chinese group has been expanding internationally and already owns a portfolio that includes Amer Sports, the parent of brands such as Salomon, Arc’teryx, and Wilson, which it bought through a consortium in 2019.
A deal for Puma would add a major global lifestyle and performance label, strengthen Anta’s presence in Europe, and intensify competition with Nike, Adidas, and other multinational rivals in sportswear.
Did you know?
Anta Sports led a consortium that acquired Amer Sports, owner of brands like Salomon and Wilson, in a multibillion-dollar deal in 2019, which significantly expanded its global portfolio.
What could a takeover mean for Puma’s turnaround?
Puma has been battling softer demand, weak brand momentum in key markets, and pressure from tariffs on products sourced from China and Vietnam, all of which have weighed on profits.
Management has warned of a full-year loss for 2025, which would mark its first return to the red in several years and underscores the scale of the challenge facing its new leadership.
Arthur Hoeld, who previously held senior roles at Adidas, laid out a reset that features cutting about 900 corporate jobs, slashing discounting, narrowing the product offering, and investing more in focused marketing.
An owner with deeper pockets could support that strategy with additional capital for product innovation, regional expansion, and brand campaigns, although integration with Anta’s existing structure would need careful management.
How might Artemis and the Pinault family shape any deal?
A crucial piece in any transaction is Artemis, the holding company for France’s Pinault family, which controls close to 29 percent of Puma and remains its largest shareholder.
People close to the family have previously signalled that they would not sell at distressed prices, since they originally took control when the luxury group Kering spun off most of Puma at a significantly higher valuation.
Any bidder would therefore likely need to present a premium offer that acknowledges the family’s entry price and long-term view of the brand’s potential.
Artemis's stance could either unlock a friendly deal that provides stability for employees and partners or become a barrier that keeps Puma listed and forces management to deliver the turnaround on a standalone basis.
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Are rival bidders ready to challenge Anta’s move?
Reports suggested that other Asian sportswear names, including Chinese rival Li Ning and Japanese brand Asics, have also been studying Puma as a possible target in recent months.
Li Ning moved quickly to say that it has not entered substantive talks regarding any such transaction, although that still leaves room for potential interest if conditions change.
A competitive bidding situation could push up any takeover price and complicate negotiations with Artemis and Puma’s board, but it would also highlight the strategic value of the German brand in the global market.
For Anta, the presence of potential rivals raises the incentive to move decisively if it wants to secure a platform that would significantly boost its European reach.
Can Puma’s reset succeed with or without a buyer?
Even without a completed deal, the takeover talk has already provided Puma with a short-term boost by lifting its share price and drawing fresh attention to its strategic plan.
Hoeld’s restructuring program aims to simplify operations, improve profitability, and reposition Puma in a crowded market where consumers are more selective and promotional activity has become expensive.
The company still faces headwinds from high inventories, cautious retailers, and intense competition from both premium and value-oriented brands.
Success will depend on whether Puma can sharpen its identity, differentiate key franchises, and deliver consistent innovation, regardless of whether it remains independent or joins Anta’s growing portfolio.
If Anta ultimately launches a formal offer and secures the approval of Artemis and regulators, Puma could become the latest European name to move under Asian ownership, reshaping the sportswear landscape in Europe.
If no deal materializes, the pressure on management to prove that the brand can recover on its own will only increase, and investors will watch closely for early signs that the reset is starting to pay off.
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