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Investor Excitement Lifts Puma After Years of Decline

Puma’s stock recorded one of its strongest single-day gains in over a decade, jumping 18.9 percent on Thursday after reports indicated that China’s Anta Sports is considering a bid for the German sportswear company. The surge comes at a crucial moment for Puma, which has endured a year marked by collapsing demand, heavy inventories, and intense competition that pushed its shares to their lowest level in more than ten years.

Year to date, the company’s share price had fallen by more than half, driven by weak consumer sentiment, tariff pressures, and eroding brand traction. These challenges triggered what Puma calls its “reset” strategy, a process launched earlier this year to address deep-rooted structural issues uncovered after the temporary boost in sales during the pandemic years.

The renewed takeover interest has brought significant attention to Puma’s future direction, signaling that outside investors may see long-term value in reviving the brand despite its current struggles.

Anta Sports and Other Asian Giants Weigh Possible Bids

According to a Bloomberg report citing unnamed sources, Puma is exploring buyout options and has attracted interest from multiple Asian sportswear companies. Hong Kong-listed Anta Sports, one of China’s most successful athletic apparel groups, is reportedly conducting early-stage evaluations of a potential acquisition.

Analysts say Puma could serve as a strategic bridge for Anta to strengthen its profile in Western markets. Anta already owns major global assets through its stake in Amer Sports — the parent company of Arc’teryx, Salomon, and Wilson — giving it experience in reviving underperforming international brands. Still, some analysts note that the extent of additional value Anta could extract from Puma remains unclear given its existing international footprint.

Bloomberg also reported potential interest from Chinese apparel maker Li Ning and Japan’s Asics. Li Ning stated via email that it has not engaged in formal negotiation. Asics declined to comment. Puma also did not provide a statement, while Anta Sports did not respond to inquiries.

Puma’s Frankfurt-listed shares were still up 13.7 percent by midday in London before closing with the full 18.9 percent surge, reflecting positive investor sentiment about the possibility of a deal.

A Deep Reset Underway as Puma Attempts a Revival

Puma’s CEO Arthur Hoeld, who took over on July 1, is executing an aggressive turnaround plan aimed at restoring competitiveness in a market dominated by Nike, Adidas, and fast-growing Chinese sportswear brands.

Hoeld’s strategy includes job reductions, streamlining Puma’s vast product catalog, restructuring distribution channels, and implementing stricter cost-efficiency measures. The company says these steps are necessary to correct years of operational inefficiencies and to rebuild brand strength across key regions.

In a statement dated October 30, Hoeld emphasized that 2025 would be a “year of reset.” Since then, Puma has tightened cash management, revised inventory strategies, and introduced broader cost-cutting programs. Despite these actions, the company reported double-digit declines in quarterly sales and acknowledged ongoing challenges such as sluggish U.S. demand, tariff impacts, and market saturation.

Outlook Darkens With Guidance Cuts and Profit Warnings

In July, Puma significantly cut its 2025 outlook, shifting from an expected low- to mid-single-digit sales growth rate to a projected decline in sales at a low double-digit percentage. Even more striking, the company now anticipates an operating loss for 2025 — a dramatic reversal from the previously forecast profit of up to €525 million.

Much of this pessimism stems from tariff effects, which have strained margins and forced the company to revise strategic priorities. High inventories and muted consumer enthusiasm continue to weigh heavily on performance across Europe and North America.

Artemis’ Stake and Valuation Expectations Add Complexity

Puma’s largest shareholder, Artemis, holds a 29 percent stake and plays a central role in any potential acquisition-related negotiations. Artemis — the holding company controlled by France’s Pinault family and the lead shareholder in luxury group Kering — has expanded its investments aggressively in recent years, taking on sizable debt in the process.

Analysts warn that Artemis’ valuation expectations for Puma may pose a significant challenge for any acquiring firm. Bloomberg reports that the holding company’s desired pricing could become a major hurdle, particularly given Puma’s declining earnings outlook and operational headwinds.

What Comes Next

The reports of interest from Anta and others signal that Puma’s brand still carries strategic global value despite its current struggles. Whether this evolves into a formal acquisition process remains uncertain, but investors have clearly interpreted the news as a potential turning point.

As Puma continues its restructuring while managing severe financial pressure, the coming months will determine whether a takeover becomes a realistic path forward — or if the company must push ahead with its reset plan independently.