Could Puma be on the market? One of Anta or Li Ning may emerge as the next owner of the brand. Rumours are circulating, and in China they are taken seriously. But the two groups would not be the only suitors for the world’s third-largest sportswear label. The speculation began with a Bloomberg report claiming that the Pinault family, which holds a 29% stake in Puma through Artemis, is looking to raise cash by selling its shareholding, and has approached potential buyers.
Puma up for sale
The German sportswear company Puma (EUR 8.8 billion in sales and around 22,000 employees) has suddenly found itself in the spotlight. On Monday, 25 August, its share price jumped 15% on the Frankfurt Stock Exchange. The surge was triggered by a Bloomberg article which, citing anonymous sources, reported that the Pinault family (which controls luxury giant Kering) is “working with advisers” to explore the sale of its 29% stake in Puma, held through Artemis. According to Footwear News, the holding is worth about EUR 800 million. Potential buyers reportedly include Chinese groups Anta and Li Ning, US-based sportswear companies, and sovereign wealth funds in the Middle East. The Chinese website Ladymax noted that if Anta or Li Ning were to acquire Puma, “the global sportswear landscape would be reshaped”, marking another round in the contest between Chinese and international investors for the future of sports consumption.
Seeking cash
The Pinault family has for some time been engaged in moves to free up liquidity and to offset the decline in cash flow from weak sales across its luxury labels, above all Gucci. Against this backdrop, it seems to have grown weary of waiting for a revival at Puma, whose market value has halved over the past year. Puma is currently worth about EUR 3.2 billion. Moreover, when it published its quarterly results in July, the company cut its full-year 2025 forecast, predicting a sales decline just short of double digits, and also issued a profit warning.
The background
It is worth recalling that in 2007 Kering acquired Puma with an evaluation of EUR 5.3 billion (€330 per share; today the price stands at €21 per share). From 2018 it began a gradual divestment, completed in 2021.
Photo: Puma
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