Takeover speculation around Puma refuses to die down, with reports of Asian sportswear giants and private equity firms circling the struggling German brand as its majority shareholder Artemis reviews strategic options.
The German sportswear brand is reportedly attracting interest from Anta Sports, Li Ning, and Asics, alongside private equity firms such as CVC and brand management group Authentic Brands, as it battles a steep share price decline and mounting competitive pressures.
Artemis weighs exit as Anta emerges as frontrunner
Earlier this year, speculation began when Artemis—the Pinault family holding company that also controls Kering—was reported to be exploring a divestment. In September, Reuters noted Artemis would not sell at current valuations. But with Puma’s shares down 47 percent since January and market capitalisation hovering near €2.5 billion, pressure is mounting to reconsider.
Around the same time, Puma SE shares rose on speculation that rival Adidas might be interested in acquiring the brand. Then new rumours emerged that brand management firm Authentic Brands Group and private equity firm CVC were also exploring bids.
Daniel-Yaw Miller, writing on his Sportsverse Substack, recently argued that there’s only one realistic option: Anta Sports. Anta, he points out, has the scale, infrastructure, audience, and global presence needed to house the Puma brand. A successful acquisition would see Anta take Puma private, delisting it from the stock market to allow time—and less scrutiny—for restructuring and revitalising the business. Miller cites a recent precedent: Skechers (which generated $8.97 billion in 2024) was taken private earlier this year by 3G Capital for $9.42 billion.
Post-Gulden turmoil deepens crisis
Puma’s troubles have deepened since former CEO Bjørn Gulden left for Adidas in January 2023. Under new leadership, the brand has faced upheaval—CEO changes, leadership reshuffles, and mass redundancies. Third-quarter results highlighted the crisis: sales fell 10.4 percent year-on-year, resulting in a €62.3 million loss. Analysts view 2025 and 2026 as “reset years”, with recovery not expected until 2027.
The story continues…
While Artemis explores its options, investment bankers are reportedly testing the market to gauge interest. More developments are expected in the coming weeks.
