Several media outlets, including Bloomberg, Handelsblatt and Manager Magazin, reported on Aug. 25 that the French holding company Artemis, owned by the Pinault family, is exploring strategic options for its 29 percent stake in Puma SE. The speculation triggered a sharp rise in Puma’s share price, which climbed nearly 16 percent to €21.30 on the Frankfurt Stock Exchange.
According to unnamed sources cited in the reports, Artemis has approached potential buyers, including China’s Anta Sports, Li Ning and sovereign wealth funds from the Middle East. However, there has been no official statement from Artemis or Puma confirming the discussions.
The Pinault family originally held a controlling interest in Puma through luxury group Kering, but spun off the German sportswear brand in 2018. Since then, Artemis has remained Puma’s largest shareholder, though not a majority owner.
The reports come amid mounting pressure on Kering, Artemis’ most valuable listed asset, which is struggling with falling sales and profits. In 2024, Kering’s revenues fell 12 percent to €17.2 billion, while operating income dropped 46 percent. The trend continued in the first half of 2025. Analysts suggest Artemis could be seeking to strengthen its financial position by divesting non-core assets like Puma.
Possible scenarios and implications
A sale of Artemis’ Puma shares – currently valued at around €800 million – could open the door to new strategic investors. If a buyer acquires a larger stake over time, this could even pave the way for a takeover. Industry observers note that an investor from Asia could help Puma regain lost ground in key growth markets such as China, where its revenue contribution dropped from 15 percent in 2020 to just 7 percent in 2024. A local partner might support brand positioning, retail distribution and marketing.
However, a change in ownership also introduces uncertainties. Puma has struggled with declining margins, high inventories and weak wholesale performance. The company is still recovering from leadership transitions following Bjørn Gulden’s departure in 2022, with Arne Freundt succeeding him as CEO. Analysts at Citi project a net loss of €211 million in 2025 and have lowered their price target to €19.70. A new owner could bring fresh strategic direction and capital – but may also demand significant restructuring. Without a clear public strategy from potential buyers, it remains unclear whether a deal would stabilize or disrupt Puma’s medium-term outlook.
Outlook
While the reports indicate that Artemis is actively exploring a sale, no formal process has been announced. The talks appear to be in an early, exploratory phase. Market reaction suggests investor interest in a potential change, but a transaction is far from certain. Until confirmed, the situation remains speculative – but significant. A potential reshuffling of Puma’s shareholder structure could shape the brand’s future trajectory, particularly in global markets.
