Puma jumps more than 13% and draws the attention of Chinese giants considering an acquisition of the German group

The race for Puma is becoming increasingly intense. According to reports, China’s Anta Sports Products Ltd. is considering a possible acquisition of the German group, supported by a financial advisor and potentially teaming up with a private equity fund. The news immediately electrified the market: Puma shares surged more than 13% on the Tradegate platform.

But Anta may not be the only interested party. Among the potential bidders is rival Li Ning Co., which is said to have already begun preliminary talks with several banks to explore financing options. In the background, Japanese company Asics also appears, a sign that the iconic German brand continues to attract interest despite a difficult period.

However, discussions remain at an early stage, hindered mainly by the valuations demanded by the billionaire Pinault family, which holds 29% of Puma through its holding company Artémis. The French group considers the stake “interesting but not strategic,” thus leaving the door open to a sale - but not at any price. The disastrous stock-market year - with the share price down 62% and market capitalization falling to €2.5 billion - could complicate negotiations.

Meanwhile, Puma is attempting a turnaround under its new CEO Arthur Hoeld. With net profit of €281.6 million and sales of €8.8 billion last year, the brand is overhauling its organization and strategy: new leadership, 900 job cuts, a renewed focus on running, football, and training, and a marketing plan aimed at creating more impactful product stories. The goal? To return to growth by 2027 and reclaim a place among the world’s top three sports brands.

As potential buyers study their next moves, Puma’s future remains open: the brand may soon change hands - or choose to keep running on its own, but with a decidedly different stride.

Andrea Pelucchi