Puma shares rose more than 18% on the Frankfurt Stock Exchange after information indicating that the Chinese company Anta Sports Products, which owns sports brands such as Fila, and Li Ning, which bears the name of the gymnast who founded the company, are analyzing the potential acquisition of the German manufacturer of sports clothing and shoes.
According to Bloomberg, Anta Sports, which is listed on the Hong Kong Stock Exchange, is working with an advisor to evaluate a potential bid for Puma that could go to a private equity firm if it finally makes an offer. For his part, Li Ning was negotiating financing options with banks during Puma’s first evaluation. Two Chinese companies could partner with private capital funds for a potential takeover, according to Reuters and Bloomberg.
Puma could also attract interest from sportswear companies such as Japan’s Asics. The analyzes are preliminary and it is not clear which labels will be presenting.
In August, the agency reported that the Pino family – which holds a 29% stake through Artemis Group – was exploring strategic options that included selling its shareholding package. Despite the recent reputation, Puma shares have fallen by around 54% in Frankfurt this year, giving the company a market value of around €3,000 million. Artemis said that he was studying all options related to his 29% stake, but a source close to the company told Reuters in September that he would not sell at the current market value, explaining that he was betting on the success of changing direction by the new CEO of Puma, Arthur Hold.
Anta, which owns brands such as Fila and Jack Wolfskin, has achieved gains of about 10% on the Hong Kong Stock Exchange this year, giving the company a market value of $31,000 million (26,762 million euros). A consortium led by Anta, which also included Asian buyout firm FountainVest Partners, paid $5,200 million in 2019 to acquire Amer Sports, owner of brands such as Salomon and Arc’teryx. Amer subsequently carried out an initial public offering of shares in New York last year, in which Anta was the lead investor, according to data compiled by Bloomberg. Li Ning’s shares rose about 8% in 2025, reaching a market value of about $6,000 million.
Anta representative did not respond to requests for comment, while representatives for Artemis, Asics and Puma declined to comment. In response to a Bloomberg News inquiry, Li Ning announced that he remains focused on growing his brand and that he has not undertaken any negotiations or substantive evaluation related to Puma.
In any case, Bloomberg says the plans are preliminary and it’s not clear how bidders will proceed with bids if they’re not production-ready, because the valuation outlook for Puma’s largest shareholder, the multi-million-dollar French Pinault family, which controls nearly a third of the capital through its Artemis holding, could be a big hurdle for anyone. practical.
Puma strategy
François-Henri Pinault, managing partner of Artemis, announced in September that participating in Puma was “interesting,” but “not strategic,” and that options regarding participation remained open.
In an increasingly competitive sportswear market, with new brands such as On Running and Hoka gaining popularity, Puma has lost ground to new competitors and its major rival Adidas. Just before sales declined, Puma’s board fired CEO Arne Freundt in April and appointed Hold, a former Adidas sales director, to replace him.
Puma is trying to renew itself under the supervision of its new CEO, Arthur Hold, but it has not succeeded in arousing much enthusiasm for its products among consumers in recent years. In July, the German company appointed Adidas CEO Andreas Hubert as chief operating officer. Hubert has 20 years of experience at Adidas and has worked for the past four years as the company’s CIO.
Founded in 1948, Puma recorded net profits of €281.6 million last year and sales of €8,800 million. His sponsorships include Manchester City of the English Premier League, the Portuguese national team and the Denmark men’s soccer team.
Puma announced last month that it plans to cut an additional 900 jobs and focus on athletics, football and training. It is also revamping its marketing strategies to create more engaging stories around products as they develop, in hopes of making the brand more attractive to consumers. Puma’s goal is to grow again by 2027 and consolidate itself as one of the three major sports brands worldwide, as well as gain significant benefits in the medium term.