Puma shares rallied more than 13% on Thursday after reports that Chinese sportswear giant Anta Sports is weighing a potential bid for the German athletic brand.
The stock’s sharp rise follows a Bloomberg report stating that Anta is working with advisers to explore an acquisition and could partner with private equity investors if it proceeds.
The report also suggested that fellow Chinese apparel group Li Ning and Japan’s Asics Corp may be considering bids, signalling wider interest from Asia-based buyers.
For traders, the chatter is far from new.
“Warming up a story that already emerged in August this year,” one market participant noted, adding that shares were trading at similar levels when speculation first surfaced.
Anta and Asics did not respond to requests for comment.
Li Ning said in an emailed statement to Reuters that it had not engaged in “substantive negotiations or evaluations regarding the transaction mentioned in the news”, but reiterated its commitment to strengthening its existing brand portfolio.
Artemis stake under scrutiny as valuation lags
Takeover speculation has intensified since Artemis — the privately held investment group of the Pinault family — signalled earlier this year that it is considering options for its 29% stake.
Artemis inherited the holding in 2018, when luxury house Kering transferred Puma out of its core portfolio to refocus on high-end fashion labels, including Gucci and Saint Laurent.
However, despite recurrent interest from potential buyers, a sale may not be straightforward.
A source close to Artemis indicated in September that the group was unlikely to sell at then-prevailing valuations.
Puma’s current market value stands at €2.52 billion, according to LSEG figures — less than half its worth at the start of the year.
Deep overhaul underway at Puma as competition grows
The interest in Puma comes as the company undertakes a major restructuring effort under new CEO Arthur Hoeld.
Appointed this year, Hoeld has pledged to streamline product lines, improve marketing, reduce discounting, and cut 900 corporate jobs in an attempt to stabilise margins and revive demand.
Weaker consumer appetite, intensified competition, and tariffs on imports to the US have hit the company’s earnings in recent quarters.
Analysts remain cautious about the timeline for recovery.
Deutsche Bank has described 2025 and 2026 as “reset years,” with meaningful growth expected only from 2027.
They argue that the turnaround plan resembles previous strategies that failed to deliver clear financial progress.
AlphaValue analyst Jie Zhang echoed the sentiment earlier this month, noting that while Puma has accurately identified operational challenges, meaningful improvement will take time.
Zhang said that visibility on profitability remains low, even as the company tightens inventory management and expands cost-cutting measures.
Long road ahead as buyers circle
If bids do materialise, acquisition could fast-track Puma’s transformation — but investors are weighing near-term risk against long-term opportunity.
With its share price down sharply this year and competition intensifying, Puma is entering a critical phase.
Interest from Asia’s sportswear giants underscores its global relevance, yet the road to recovery remains uncertain and slow-moving.
The coming months could determine whether Puma’s future lies in independence — or under new ownership.
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