Puma shares surged as much as 16% on Thursday after reports that China’s Anta Sports is considering a bid for the struggling German athletic brand. The potential interest, which may also come from Li Ning and Asics, has reignited speculation about Puma’s future amid a challenging year for the company.
The stock has fallen more than 50% year to date, pressured by weak brand momentum, intense competition in the global sportswear market, and ongoing U.S. tariffs that have dampened consumer sentiment. The sharp rally on the takeover report marks one of Puma’s largest single-day moves of the year.
Turnaround Challenges and Ownership Roadblocks
The company has been undergoing a significant restructuring under CEO Arthur Hoeld, who took the helm on July 1. His turnaround plan includes job cuts, a more streamlined product lineup, and improvements to global marketing operations. Puma has acknowledged that recovery will take time as it works to strengthen brand visibility and better manage high inventory levels.
In late October, Puma set an ambitious goal of becoming a “Top 3 global sports brand”, despite reporting quarterly sales that declined by double digits. Management identified several headwinds: a muted brand narrative, tariff-related pressures in the U.S., and lingering excess stock across key markets.
A takeover, however, would require navigating one major hurdle – Puma’s largest shareholder, Artemis, which controls 29% of the company. Artemis, owned by the Pinault family and also the largest shareholder of luxury group Kering, has been expanding its investment footprint and taking on additional debt. Analysts note that Artemis’ valuation expectations may pose a significant obstacle to any acquisition deal.
Market Reaction
Investors welcomed the news of potential buyout interest, interpreting it as a vote of confidence in Puma’s long-term potential despite near-term operational strain. A takeover from an Asian sportswear powerhouse – particularly Anta, which has grown aggressively through acquisitions – could reshape Puma’s global strategy and accelerate market expansion in China.
However, the companies reportedly involved have not commented publicly, and no formal proposals have been made. Analysts caution that the process remains at an early stage and may not result in a transaction, particularly given Puma’s shareholder dynamics and valuation complexities.
Still, Thursday’s rally underscores how investor sentiment can shift quickly for cyclical consumer brands, especially those undergoing high-stakes restructuring while facing takeover speculation. For Puma, the coming months will reveal whether interest from Anta or other firms materializes or whether CEO Hoeld must continue steering the turnaround independently.
